BitMEX Went Offline and Bitcoin (BTC) Price Spiked $300 to $6,900 Right After
BitMEX goes Offline; Bitcoin Jumps to a High Near $6,900
The new price of Bitcoin hit around $6,900 Wednesday morning, rising an astounding $300 in less than 60 seconds. The rise in prices has been one of the most sudden climbs in recent cryptocurrency history of the granddaddy of all cryptocurrency, Bitcoin.
An incident that has recently been questioned is that of the giant $300 leap, the cryptocurrency took during a sixty-second window around 1:00 UTC, on Bitfinex. The price of Bitcoin continued to climb after that even, heading well above the $6,800 mark just $1 below $6,900 and finally resting back down at $840. While the price jump isn’t nearly as high as that of late 2017, it’s one of the highest in recent times and undoubtedly made some people millions today.
Price jumps like the one today are not uncommon, but today's climb was a little different as it happened during a slow trading period on the exchanges. Some people are suspecting something non-organic is going on within the cryptocurrency market.
The reason? Because at the same time BitMEX, a massively successful crypto exchange handling near limitless transactions and billions of USD in daily trading suddenly went offline. The supposed ‘scheduled maintenance’ threw a lot of people into a state of suspicion, with many suspecting insider trading was taking place.
The chances of that happening are possible, but most analysts believe highly unlikely in this incident. Skeptics are just being who they are, always doubtful when something positive is happening in the market.
Of course, there is no way to tell at this time if something fraudulent occurred. BitMEX is already back up and running, but trading has not yet resumed. People are now sitting by to see if the market will keep the gains intact or if they will disappear. In any case, a lot of people happy to see the climb in BTC price, even though there were a fraction of suspicious crypto-investors, as there usually is.
The only way to tell what is happening, is to watch the prices in the upcoming early morning – until then no one is for certain – hopefully prices will climb or at least stabilize for some time.
What do you think of the new price jump? Is the trend on the way up, or will the market cap out and drop again? Leave your guesses in the comment section below along with any other predictions you may have on the market.