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Was the price of Bitcoin falling to $ 3,700 due to the "trick" of BitMEX?

BitMEX's Twitter account was hacked, but the customer's money remained safe

Huge cryptocurrency derivatives exchange BitMEX is being the focus of attention after unexpectedly shutting down today, which has sparked rumors of a bad play when Bitcoin (BTC) dropped to a low level. Most of 2020 is 3,700 USD.

According to one tweet From the company, problems arose during the frenetic trading activity on the evening of March 12.

Hardware problems cause delays

As a result, BitMEX was shut down for about 25 minutes to resolve issues before 3 am UTC. Tweet of the exchange stated:

“From 02:16 to 02:40 UTC on March 13, 2020, we had a hardware issue with our cloud service provider that delayed BitMEX requests.”

Also on March 13, the exchange witnessed a higher number of liquidated contracts than any other day of the year, while trading volumes for Bitcoin futures also broke a record.

Liquidation chart of BitMEX. Source: Skew
Liquidation chart of BitMEX. Source: Skew

BitMEX denies “conspiracy theories”

However, in the context of traders everywhere suffering heavy losses, BitMEX is currently subject to intense criticism. In addition to technical reliability, one hypothesis even suggests that the sudden shutdown of the exchange contributed to the major loss of the BTC / USD pair today.

“The crazy theory of the day: BitMEX has no hardware issues,” Sam Bankman-Fried, co-founder of Alameda Research and CEO of rival trading platform FTX, wrote in a statement. series of tweets after the incident.

For Bankman-Fried, BitMEX's unwillingness to address market conditions has pushed Bitcoin into collapse. After the online platform returned, Bitcoin recovered, he noted.

“BTC recovered without the huge selling wall of BitMEX liquidation,” he said.

"And even more so – BTC has risen, so few people are liquidated…. Create a self-fulfilling prophecy. If BTC can rise above $ 5k, then perhaps it will no longer need to go down. "

BitMEX responded to the Bankman-Fried tweets by calling his allegation a “conspiracy theory”.

"This is true. Sam, you better know how to deal with this kind of conspiracy theories, especially when you're operating a platform in space and understand what kind of problem is possible, "the BitMEX staff wrote.

As of Thursday, the BitMEX Insurance Fund dropped 1,600 BTC ($ 8.6 million) in 24 hours – a drop that appears to be the biggest in history.

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According to CoinTelegraph
Translated by ToiYeuBitcoin

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