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Longs and shorts worth $50m liquidated on BitMEX in minutes

FX Street
Updated:
  • Between 22:00-22:30 UTC this Sunday, the BTC/USD  price fell from $9,444.60 to $9,169.30.
  • The CFTC is currently investigating BitMEX for accepting American traders.

BitMEX is under the spotlight once again. The Seychelles-based crypto exchange has had longs and shorts worth $50m liquidated on BitMEX in minutes. While these flash crashes can happen, the fact remains that BitMEX users can trade with high-leverage. This crash liquidated both longs and shorts and caused both bears and bulls to lose a lot of money. The only winner in this whole scenario seemed to be BitMEX.  

Though BitMEX is the largest cryptocurrency derivatives exchanges, they are not registered with the CFTC and are not allowed to carry out trading activities in the US. The CFTC is currently investigating them for mitigating regulations and accepting American traders.  

BTC/USD 15-mins chart

fxsoriginal

Between 22:00-22:30 UTC, the price fell from $9,444.60 to $9,169.30. In the next 15-min period, the price of BTC/USD fell further to $9,110, before it recovered to $9,515 by 22:45 UTC, achieving a high of $9,622.65.

 

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