Bitcoin fell to $ 8900 on the BitMEX cryptocurrency exchange

On Monday evening, the price of bitcoin (BTC) on the BitMEX cryptocurrency exchange dropped to a staggering $ 8900. At the same time, on other platforms, the price of BTC $94,504.57 Bitcoin -3.00% Market capitalization $1.87 trillion VOL. 24 hours $1.9 billion was well over $ 60,000.

Within minutes, BTC fell to its lowest point since early 2020. During this incident on BitMEX, the average global price of bitcoin remained around $ 67,400. There was a lot of speculation on social media, especially on the X platform.

Observers attributed the drop in bitcoin to a massive whale sale of cryptocurrencies. Crypto researcher Syq provided information, noting that an anonymous crypto whale sold more than 977 BTC in increments of 10−50 BTC within two hours.

At the same time, BitMEX restricted withdrawals for certain accounts that were under investigation. Despite this, the exchange confirmed that its operations are normal and all funds are safe.

«We are investigating unusual activity involving a user who was selling large orders on our BTC-USDT spot market ,» BitMEX said.

Economist Peter Schiff sounded the alarm, hinting at a more significant decline. He recalled the market’s overconfidence when bitcoin hit $ 69,000 in November 2021. A year later, the BTC fell below $ 16,000, which is almost 80%. Schiff suggested that the current bullish sentiment portends an even bigger crash.

Market analysts attribute the negative price dynamics now to various factors, such as the slowdown in bitcoin exchange-traded fund flows, the upcoming BTC halving, and the Federal Reserve’s FOMC meeting scheduled for March 20. However, despite the current market sentiment, there are still crypto analysts who are optimistic about the future of bitcoin ETF flows.