Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.
BitMEX said on X that it is investigating the large sell orders that caused the flash crash.suffered a brief crash to as low as $8,900 on cryptocurrency exchange BitMEX, while prices on other exchanges held well above $60,000.
The slide began at 22:40 UTC, and within two minutes, prices fell to $8,900, the lowest since early 2020, according to data from the charting platform TradingView. The recovery was equally quick, with prices rebounding to $67,000 by 22:50 UTC. Throughout the boom-bust episode on BitMEX, BTC’s global average price held steady at around $67,400. on BitMEX, driving the XBT/USDT spot pair down to $8,900. The BitMEX XBT index tracks bitcoin's price. The XBT/USDT pair represents bitcoin's tether-denominated price. Tether is the world's leading dollar-pegged stablecoin."We are investigating unusual activity in the past few hours involving a user selling large orders on our BTC-USDT Spot Market.
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