Flash Crash on Bitmex Sends Bitcoin Tumbling to $8,900

Bitcoin’s price on Bitmex plummeted to $8,900 in a flash crash late Monday, diverging significantly from the global average price of around $67,400, due to large sell orders on the XBT/USDT pair. Bitmex is investigating the incident, which involved over 850 BTC being sold, causing the dramatic price drop while other exchanges showed prices well above $60,000. The event was short-lived, with prices recovering to $67,000 within ten minutes, and Bitmex assured that the crash didn’t affect their derivative markets or funds safety.