The swift decline in Bitcoin's value on the site has prompted an internal probe. Bitcoin fell to $8,900 on BitMEX on Monday in comparison to the USDT stablecoin, however it was still worth more than $66,000 on other exchanges. The price of bitcoin on BitMEX swiftly recovered to its previous level and has subsequently followed general market trends.
BitMEX discovered unprecedented "aggressive selling behavior from a few accounts" after conducting an examination that went beyond what was often expected in the market. The exchange guaranteed that user assets were safe and that there was no disruption to its operations.
To be clear, BitMEX says it doesn't use market makers. The exchange observed that the volume of quick and substantial sell orders was too much for the platform's traders and market makers to handle efficiently. There was no forced sell-off or impact on BitMEX's futures trading as a result of Bitcoin's sharp decline. The exchange added that it handles withdrawals and deposits as usual, with most transactions taking place within minutes.
The sudden shift in the market was initially brought to attention by X user @syq, who pointed out that it corresponded with the sale of 977 Bitcoin, which was valued at about $66 million. According to certain BitMEX users, withdrawals have been suspended by the exchange. The conversation made it clear that this is solely applicable to accounts that are being looked at.
