BitMEX Crashed as Bitcoin experienced a drop from the $9,885 after liquidating $11 million in long positions. The users that were able to access the website reported that the exchange was down and that the company was working on bringing it back as fast as possible. In our latest crypto news today, we try to find out what exactly happened.
More than $11 million in long positions were liquidated on the exchanges over the past 24 hours. As BitMEX crashed both the web-frontend and the API were not accessible to the traders. BitMEX went down at 12:13 UTC with an official announcement from the company saying that have to have issues with the trading engine. According to the announcements shared by BitMEX users, the exchanges explained that they were working on bringing the engine back as soon as possible.
The status page shows that the trading engine is facing a major outage and it is impossible to access the BitMEX website at the time of writing. The BitMEX users have been flocking to the social media platform complaining about the exchange being down. It is still unclear what led to the downtime or when the exchange will start operating again. After the shutdown, the price of Bitcoin dropped about 2% in just a few minutes and it remains unclear whether it will continue the downward momentum.
The data from Datamish, shows that $11.4 million of long and $5.8 million of short contracts were liquidated on the BitMEX over the past 24 hours alone. As with any major price movement of Bitcoin in the past few months, it shows the massive liquidations on the BitMEX exchange so it’s clear that the user frustration is getting closer to the peak. Many users said that they will leave the exchange for another operational exchange.
Right now, it is still unclear what led to the downtime or how long it would last. Most of the users reported not being able to log into their accounts but others reported seeing the XBTUSD contracts on the BitMEX going right to zero. Derivatives are a risky business because the entire capital is at stake but downtimes are unaffordable for traders.
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