BitMEX witnesses $225 million in long liquidations as BTC plunges to $6,400
During Bitcoin's sell-off this morning, crypto exchange BitMEX saw a single liquidation of $104 million as price crashed down from its recent $8,400 high to around $6,400
Bitcoin crashed to a low of $6,380 on BitMEX this morning as the original cryptocurrency lost over $10 billion in market cap during a period of flash liquidations on the exchange.
BitMEX’s price index is formed using a 50:50 split of the Bitstamp and Coinbase Pro BTC/USD markets. The sell-off seems to have been triggered due to a massive amount of BTC being sold all at once on the crypto exchange Bitstamp.
Bitcoin was trading comfortably above $7,800 before the sale of 3,600 BTC (worth around $28 million) wiped just over $1,500 off the price of the decentralised asset to trade at a low of $6,175.