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Shiba Inu Whale Nets $23.5M Profits

Mark Brennan
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Shiba Inu Whale Nets $23.5M Profits

An unknown whale address has realized up to $23.5 million from investing in Shiba Inu in under two months.

The cryptocurrency market has been declining over the past few days as investors take profits across the board.

In one such eye-catching move to realize profits, on-chain data spotted a Shiba Inu whale that may have realized as much as $23.5 million from trading the cryptocurrency in just two months.

As the data shows, the whale began accumulating Shiba Inu on January 8. At the time, Shiba Inu traded around $0.000009, with the whale procuring and withdrawing as much as 1.44 trillion in SHIB tokens from Binance and Gate.io.

Shiba Inu Purchases Whale
Shiba Inu Whale Purchases | SpotOnChain

Following this large purchase spree, Shiba Inu continued to trade at around the whale’s entry price level until February 28, when the price exploded. At its peak on March 5, Shiba Inu traded as high as $0.000045, leaving the whale with substantial profits.

Meanwhile, on February 7, when Shiba Inu was still around $0.00009, the whale shuffled his portfolio, moving 500 billion of his SHIB holdings to Gate.io and adding 200 billion tokens from Binance. Lastly, on February 27, the addresses added 100 billion tokens, just before Shiba Inu’s run began. 

Shiba Inu Whale Realizes Profits 

The smart whale in question held Shiba Inu throughout its recent run, including the $0.000045 peak. However, it was not until four days ago, or March 15, that they began to realize profits on their assets.

The trader moved around 241 billion Shiba Inu tokens to Binance, and with Shiba Inu trading at an average of $0.000029 on the day, they may have realized up to $6 million from the sale.

Additionally, the trader deposited 1 trillion Shiba Inu tokens (valued at $29 million) to Gate.io, bringing the total sale value to 1.24 trillion SHIB (approximately $35 million). The address has emptied his account, currently holding only $637 worth of ETH as of press time.

Notably, The Crypto Basic reported on this large move, alerting Shiba Inu holders to a potential decline in price action. Since then, the cryptocurrency’s price has dropped over 20%, trading at around $0.00002465.

Five Penny-Priced Altcoins Eyeing the $1 Mark

Sam Wisdom Raphael
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Five Penny-Priced Altcoins Eyeing the $1 Mark

From XRP to Cardano (ADA), here is a list of penny-priced cryptocurrencies looking to push toward the $1 price mark amid this bull market run.

As the leading cryptocurrency, Bitcoin (BTC) commands the focus of the majority of investors, shaping the trajectory of the overall market. However, with its current valuation surpassing $68,000, prospective investors may find themselves deterred by the asset’s lofty price.

Some market participants have an inclination toward lower-priced crypto assets, but this choice also comes with challenges, as uncertainties abound on which cryptocurrency has potential to grow. This is a list of some assets worth pennies but are currently eyeing the $1 mark.

XRP

Despite being one of the oldest crypto assets around, XRP has not recorded as much growth as its proponents have hoped. The asset first crossed the $1 mark in December 2017 and summarily touched its peak price of $3.31 in January 2018.

Since dropping from this high, XRP has not reclaimed the $2 price. In addition, the last time the cryptocurrency saw the $1 mark was in October 2021. Several market watchers attributed XRP’s underperformance over the years to legal pressure from the SEC’s lawsuit against Ripple.

With a judge declaring last July that XRP in itself is not a security, the asset was poised to regain its lost ground. However, XRP failed to reclaim the $1 mark, facing resistance at $0.93. XRP subsequently retraced all the gains it picked up amid the pivotal judgment.

The crypto asset now trades for $0.6030 amid a 2.69% price drop in the past 24 hours. Despite the disappointing performance, analysts still expect XRP to breach $1, especially now that it has attained legal clarity.

The Sandbox (SAND)

The Sandbox (SAND) is among the most watched assets in the market, as analysts expect it to impress in the unfolding bull run. SAND boasts a history of meteoric price surges, as it previously leveraged the 2021 bull run to clinch an all-time high of $8.48 in November 2021.

Notably, this ATH marked a 23,876% increase from SAND’s value of $0.0354 in November 2020. However, like XRP, the Sandbox recorded a massive decline as the bear market came. 

Now, with the market cycle flipping positive, market watchers believe SAND is poised for a similar meteoric surge despite its value currently below $1. The asset pushed to recover the $1 price on March 10, when it clinched a high of $0.8266.

Nonetheless, this upsurge met fierce opposition, leading to a collapse. SAND has now recorded losses in six of the past seven days, currently changing hands at $0.6070 amid a 6.53% decline in the last 24 hours. The asset is now looking to leverage the next market rally for another push toward $1.

Cardano (ADA)

Cardano (ADA) ranks among the top 10 crypto assets by market capitalization due to its $23.1 billion market cap. However, ADA proponents believe the asset is extremely undervalued at its current price, anticipating an imminent price rally.

The Cardano blockchain has continued to hit major milestones and implement upgrades to meet industry standards. Despite the recurrent “ghost chain” claims, the network stands out as one of the most active in the crypto scene, especially in terms of usage and development activity.

Due to these bullish metrics, industry experts believe ADA holds immense potential for higher growth. However, the asset has yet to reclaim the $1 price since dropping below it in April 2022. ADA’s latest rally saw it push toward the mark on March 14 but met stern opposition at $0.8104. 

Cardano currently trades for $0.6531, with a mild 0.31% drop this month. Despite its slow growth rate, market watchers see more room for expansion, as it is still a long way from its ATH of $3.10. Market analyst Ali Martinez sees ADA reaching $8 in the future.

Fantom (FTM)

Fantom (FTM) is the closest asset among these cryptocurrencies to the $1 mark, with its proponents showing immense optimism about a recovery of the pivotal threshold. The asset’s latest attempt to hit the level came up on March 16, when it rallied to $0.9839.

Despite witnessing resistance at this level, FTM has held well above the $0.90 level, currently trading for $0.9064. Fantom has been one of the best performers of the ongoing bull run, up 396% since September 2023. 

The asset’s rally saw it hit a high of $0.5569 in December 2023 before it consolidated for three months. With the market uptrend recorded this month, FTM has leveraged the momentum to record another price upsurge, with the $1 price as its current target.

Pixels (PIXEL)

The crypto-focused gaming project Pixels launched its native token last month, and the asset has quickly garnered interest from investors. Part of its success stemmed from the token launch culminating in a Binance listing, a development that further bolstered its legitimacy.

Following the launch, PIXEL spiked to a high of $0.6947 before consolidating in the days that followed. The asset recorded another bullish day on March 9, when it rallied 42.21% to close the day at $0.8622.

Pixels eventually breached the $1 price for the first time ever on March 11, reaching a new all-time high of $1.0367 that day. Nonetheless, it immediately faced opposition, closing March 11 with a loss. Pixels has been retracing its gains since then.

The asset has now surrendered the $0.8 and $0.7 price territories to the bears, as it currently changes hands at $0.6900. Despite this bearish turn of events, PIXEL is up 40.83% this month, with investors expressing confidence in the asset’s potential to recover $1 soon.

New Meme Coin on Shiba Inu Blockchain Rallies, Takes Top Spot On DEXTools

Abdulkarim Abdulwahab
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0
New Meme Coin on Shiba Inu Blockchain Rallies, Takes Top Spot On DEXTools

DAMN, a freshly launched meme coin on Shiba Inu (SHIB) blockchain Shibarium, has gained massive traction, becoming one of the hottest coins on market tracker DEXTools.

The Shiba Inu community has welcomed a meme coin DAMN, otherwise called SOL Killer, as the token launched on the ecosystem blockchain. This meme coin went live for trading yesterday and has soared by over 39%. 

DAMN has generated significant buzz in the Shiba Inu community amid its launching on Shibaium and its moniker “SOL Killer.” This naming suggests the meme coin sets out to defeat similar tokens on the Solana blockchain that have continuously gained significant traction recently.

As a result, prominent figures in the Shiba Inu community have thrown their weight behind the Shibarium meme coin. Leading the charge was Lucie, the Shiba Inu team’s marketing specialist. Lucie remarked:

“DAMN is on Shibarium. Meme coin by Woofswap. It’s not a Shiba Inu ecosystem token; it’s fun to mock Solana meme coins. Damn! Sol Killer.”

DAMN Becomes Top Trending Coin

Within 24 hours of its launch, DAMN has emerged as the number one trending digital asset among Shibarium tokens on market tracker DEXTools. This resulted from the significant traction the meme coin has garnered quickly.

Per DEXTools statistics, DAMN trades at $0.00002148 and has generated a market cap of $1.4 million. Also, the meme coin has witnessed a 24-hour trading volume exceeding $356K. Being a Shibarium token, the asset trades against Shibarium’s gas token BONE.

In a more recent post, Shiba Inu’s marketing specialist Lucie expressed shock at the attention DAMN has amassed in under 24 hours of launching. She posted a screenshot showing that DAMN’s holders have exceeded 44K.

“This really is Shibarium people trying to have fun. DAMN! Forget the red days, the doubters, and anyone who doesn’t believe in Shibarium. We’re all going to make it,” Lucie exclaimed.

Buying DAMN Token

Woofswap, the creator of the Shibarium meme coin, has outlined steps to acquire the asset. It involves navigating to the official website https://woofswap.finance to swap the BONE token for DAMN.

Notably, those without BONE tokens can acquire them from a centralized exchange like Gate.io.

DAMN To Soar Like Shiba Inu

Amid the growing frenzy around DAMN, Shiba Inu’s Lucie shared a chart suggesting the new meme coin is poised to mirror the path of successful meme-based projects like Dogecoin, SHIB, PEPE, and BONK.

With the success of these meme coins, wherein they have all witnessed staggering thousand percentage gains, the chart left an intriguing question on how high DAMN could go.

Consequently, Lucie urged community members to shun reluctance and acquire the Shibarium meme coin.

“SHIB will go much higher. But DAMN can make it too high if you just stop being lazy, bridge to Shibarium, and get 20 BONE each,” she said.

Bitcoin: Legendary Trader Brandt Issues Warning to Traders Amid Sudden BTC Drop

Mark Brennan
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Bitcoin: Legendary Trader Brandt Issues Warning to Traders Amid Sudden BTC Drop

As Bitcoin (BTC) faces a sudden drop, legendary trader Peter Brandt has shared his insight into market turns and the impact of maintaining “over-sized” positions.

According to Peter Brandt, periods of market turns are where traders face the biggest financial losses and emotional stress.

Market turns occur when an asset records a sharp shift in direction. While these market turns and drawdowns cannot be ruled out in a standard trading session, Brandt has always advocated conservative bets.

The current market with spot Bitcoin ETF as a catalyst is quite volatile. Though market experts believe the inflow of funds into the market can stabilize prices long-term, the recent drawdown has triggered concerns.

Peter Brandt Avoids Pyramid Trades

Peter Brandt suggests that market turns can cause significant damage to traders’ accounts, especially if they have taken large positions without proper risk management.

The trading expert said market turns are the reasons he does not do pyramid trades. This form of trading involves the introduction of additional positions to an existing trade. However, adding to positions during volatile periods can increase risk and amplify losses if a market turn occurs.

The Bitcoin price chart he shared shows sharp turns after a period of growth. A major insight from this is that these turns are part of the market. The current market outlook aligns with his previous call that a 15% to 20% slip in Bitcoin price cannot be ruled out.

With years of experience under his belt, Peter Brandt shares insight into key market trends with unfiltered takes about the top coins in the market. Besides his take on BTC, Peter Brandt often flags Ethereum (ETH) with a bet the coin might not be relevant in 10 years.

He also asserted last December that ETH was forming a rising wedge pattern, with a potential to drop to $650. However, Brandt changed his stance following the approval of the spot Bitcoin ETFs.

The Reality of Market Downturn

With the price of Bitcoin now trading for $63,744, down by 5.54% in 24 hours, the liquidation figure from CoinGlass shows that $524.33 million has been lost in the market within the timeframe. The data shows that 222,681 traders have been “rekt” with the slip in BTC’s price.

Related liquidations are a part of the market cycle. However, the figures in recent times show more traders and capital are now placed as bets in these nascent asset classes.

Analyst Foresees Major Cardano Rally to $5, Citing Market Trends

Mark Brennan
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Analyst Foresees Major Cardano Rally to $5, Citing Market Trends

Despite its recent price struggles, one analyst believes that Cardano is trading in line with historical patterns and could hit $5 later this year.

The price of Cardano has dropped around 9% in the past 24 hours, following a bearish trend that has overwhelmed the broader market this week. The latest dip began after Cardano’s struggles to break above $0.8 earlier this month and a new outbreak of FUD in the project’s community.

However, these negative developments may not keep Cardano’s price low for too long, according to a new breakdown of the cryptocurrency’s price history shared by experienced analyst Ali Martinez. According to the analyst, Cardano’s latest price follows a similar pattern observed between 2018 and 2021.

Within that period, the price of ADA consolidated between $0.025 and $0.1 before a breakout that began in late 2020, leading to the all-time high of $3.10. The analysis suggests that Cardano is currently trading within the period before its breakout in the previous market cycle.

As a result, Ali Martinez predicts that following through on this pattern will see Cardano continue its consolidation between $0.55 and $0.8 in the coming weeks. Afterwards, the cryptocurrency will see a massive breakout that will surge its value as high as $1.7. 

Martinez forecasts another consolidation phase after Cardano reaches the $1.7 price. He then adds that this will pave the way for a more bullish breakout that will see ADA reach $5 sometime before the end of 2024.

Cardano Sees Correction as Earlier Predicted

Cardano’s latest price correction may have caught many off guard. However, it is worth mentioning that Ali Martinez accurately predicted the decline, writing about it earlier this month as the coin’s price rallied.

It remains to be seen then whether the bullish predictions follow suit. If it does, the recent calls for Cardano to hit $5 and even $10 could come within the realms of possibility and bring huge gains to ADA holders.

In the meantime, Cardano trades at $0.6195, far away from other bullish predictions that project the cryptocurrency going well into the double-digits range in the next few years.

Ripple Recognized as Best Cross-Border Payment Platform for 2024

Lele Jima
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Ripple Recognized as Best Cross-Border Payment Platform for 2024

Fintech Breakthrough recognizes Ripple’s expertise in the payment industry as the company wins awards for best cross-border payments and DeFi infrastructure platform for 2024.

Ripple’s role in the payment sector cannot be overemphasized. Since its launch in 2012, the California-based company has provided enterprise-grade infrastructure, enabling businesses to leverage blockchain to send and receive payments cheaper, faster, and more efficiently across borders.

Ripple Wins Prestigious Awards

Given its expertise in the global payment sector, Ripple was recognized as the Best Cross-Border Payments Platform and Best DeFi Infrastructure Platform in the 2024 Fintech Breakthrough Award program.

The top crypto payments company recently tweeted about the feat, emphasizing that it was among the “Fintech Breakthrough Award winners for 2024.”

Ripple also extended its gratitude to the award organizers for the recognition.

Fintech Breakthrough 2024 Award 

It is worth noting that the Fintech Breakthrough Award program was conducted by Fintech Breakthrough, a market intelligence organization focused on recognizing top companies, products, and technologies within the global fintech market.

The recently held program marks the 8th edition of the illustrious award. In addition to Ripple, other top fintech companies, including Mastercard, Chase, Oportun, and Efficient Capital Labs, were also recognized by Fintech Breakthrough.

The judging panel selected the winners from a pool of over 4,000 companies, who were required to address a major question: “How does your company or product break through the crowded fintech market.”

Notably, all entries were judged using six criteria: innovation, performance, ease-of-use, functionality, value, and impact.

After assessing the entries using the aforementioned criteria, Fintech Breakthrough selected the winners in 23 categories. It bears mentioning that there are sub-categories for each section.

For instance, Ripple was recognized as the best cross-border payments platform in the B2B Payments category and as the best DeFi infrastructure platform in the Decentralized Finance section.

This is not the first time Ripple has received prestigious awards for its efficient payment solution. Last year, Ripple received the PAY360 Award, a prestigious payments award in the United Kingdom. As reported earlier, the award organizers recognized Ripple for having the best use of digital currencies in financial services.

Ripple CLO Reacts as Court Sanctions SEC for ‘Gross Abuse of Power’ in Case Against Crypto Firm

Lele Jima
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0
Ripple CLO Reacts as Court Sanctions SEC for ‘Gross Abuse of Power’ in Case Against Crypto Firm

The ruling judge in the DEBT Box case sanctions the SEC for presenting misleading facts.

Robert Shelby, a federal judge in the U.S., has imposed sanctions against the United States Securities and Exchange Commission (SEC) for gross abuse of power and acting in bad faith in its case against Utah-based crypto startup Digital Licensing Inc. (a.k.a. DEBT Box).

Background of the Case

For context, the SEC charged DEBT Box last year, alleging fraud and obtaining a temporary restraining order against the company. The SEC obtained the order after claiming that DEBT Box was moving its funds out of the United States.

However, lawyers for DEBT Box got the judge to dissolve the restraining order last year, claiming that the securities regulator misled the court and provided false evidence. They argued that the SEC failed to mention that its accounts were closed by the banks, adding that the funds were moved to a Credit Union and not out of the country as claimed by the regulator.

While dissolving the restraining order, the judge threatened to sanction the SEC lawyers involved in the saga. Consequently, the SEC filed an action in January 2024, requesting to withdraw the lawsuit without prejudice.

The SEC admitted that its lawyers committed errors while obtaining the restraining order. However, it requested that its lawyers should not be sanctioned for misrepresenting facts.

Court Order

In an order Monday, Judge Shelby held that counsel for the SEC acted in bad faith and misled the court. The judge denied the SEC’s motion to dismiss the case without prejudice, thus implying that the regulator cannot refile the charges against DEBT Box later.

Furthermore, Judge Shelby denied the SEC’s plea for no sanction and ordered the regulator to pay DEBT Box’s legal fees.

“The court imposes sanctions under its inherent authority for the Commission’s abuse of judicial process. The Commission is ORDERED to pay Defendants’ and Receiver’s attorneys’ fees and legal costs arising from the TRO [Temporary Restraining Order] and the Receiver,” the order noted.

Based on this ruling, DEBT Box has a deadline of March 18 to file its petition for fees and set forth its requests in line with the court’s order.

Ripple CLO Reacts

Expectedly, members of the crypto community have taken to the X platform to react to the recent court order. In a tweet today, Ripple’s Chief Legal Officer (CLO) Stuart Alderoty called attention to the court order sanctioning the SEC for presenting false and misleading facts.

Alderoty suggested that the illicit conduct reflects a broader pattern within the SEC under its current leadership and is not just limited to the DEBT Box incident.

“If anyone thinks this conduct by this agency under this leadership is limited to this case, I have a bridge in Brooklyn to sell,” Alderoty remarked.

SEC Suffers Another Defeat Against Crypto Company

The DEBT Box case adds to the list of defeats the SEC has suffered against crypto-related companies.

For instance, in the Ripple case, U.S. District Judge Analisa Torres ruled that most transactions the SEC alleged to be securities were not, including programmatic sales and other distributions.

Although the SEC has publicly criticized the ruling, it has not decided its next course of action. Notably, the court previously denied the commission’s attempt to file an interlocutory appeal challenging the ruling.

Whether the SEC will appeal the verdict once the case ends at the district court level remains to be seen.

Ripple CTO Shares His Expectations For XRP in XRPL AMM

Sam Wisdom Raphael
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Ripple CTO Shares His Expectations For XRP in XRPL AMM

Ripple CTO David Schwartz recently clarified the use of XRP and other assets on the upcoming XRPL Ledger (XRPL) AMM.

With the XRPL Automated Market Maker (AMM) feature set to go live in the next three days, discussions around its functionality and features have enveloped the XRPL community, leading to multiple speculations. One such speculation is if the AMM only works with XRP.

In a recent post on X, Davis Schwartz addressed an inquiry from a community member seeking clarification on whether the forthcoming AMM would exclusively support XRP pools or accommodate multiple assets.

This uncertainty stems from the fact that most reports on the AMM feature focus on XRP. For instance, The Crypto Basic has repeatedly highlighted the potential for XRP holders to earn passive income from their assets when they deposit them into liquidity pools on AMM instances.

However, few discussions exist around this prospect for other assets, prompting a belief that the feature might only support XRP. In addition, last November, Ripple’s Lead Product Manager, Jasmine Cooper, stressed that the AMM could help bolster XRP’s utility, further adding to the growing speculation.

Ripple CTO Provides Clarification

Responding to the recent inquiry, Schwartz confirmed that the AMMs would support not only XRP but also other cryptocurrencies. The Crypto Basic has periodically highlighted this fact.

According to the Ripple CTO, market participants can generate any AMM instance with two crypto assets supported by the XRP Ledger. This could include CORE/XRP, FURY/USD, or even CSC/RPR. The only criterion is that both assets are on the XRPL.

However, Davis Schwartz stressed that he expects XRP to dominate the pools despite the liberty of market participants to trade other assets. He asserted that AMM pools where one of the assets is XRP would most likely be the most popular.

This is due to XRP’s position as the leading asset on the network as well as its gas token. Some community members have also begun speculating about the possibility of Ripple leveraging some of its escrowed XRP to provide liquidity on an AMM. 

Projected Impact on XRP

Nonetheless, Schwartz does not see the benefit of this practice, as it would result in selling pressure. Panos Mekras, founder of Anodos Finance, echoed this, stressing that if Ripple only provided XRP for AMMs, the move would be bearish for the asset.

Meanwhile, the implementation of the AMM functionality is slated for March 22, seven days after the amendment regained the minimum validator consensus on March 15. On-chain sleuth Mr. Huber believes XRP’s price could drop following the implementation of the feature, citing Stellar’s history.

Expert Says It’s Not Crazy If XRP Soars 1,500% to $10

Abdulkarim Abdulwahab
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0
Expert Says It’s Not Crazy If XRP Soars 1,500% to $10

Nick, the founder of Web3Alert, has provided grounds for why expecting XRP to soar by 1,500% to $10 is not a far-fetched dream.

This came in a recent post on X, where Nick disclosed his target range for XRP this bull season. Nick anticipates XRP achieving unprecedented price levels between $5 and $10 at the peak of this bull cycle.

At the reporting time, XRP maintains a value of approximately $0.61. Nick’s assertion implies that XRP could see a remarkable growth of seven to fifteen times its current value by next year. 

This perspective emerges amid increased skepticism surrounding XRP, as it remains within a price range observed six months ago despite other market counterparts experiencing more than a twofold increase in value.

Why XRP $10 Looks Feasible

However, Nick substantiated his $10 price target for XRP by drawing comparisons with Bitcoin and Ethereum. He pointed out that those skeptical of such a price for XRP are the same individuals predicting Bitcoin will reach values between $100,000 and $150,000 and Ethereum will surge from $7,500 to $10,000 soon.

The crypto founder pointed out that Bitcoin attaining the projected price range would expand its market cap from $1.33 trillion to nearly $3 trillion. Similarly, ETH trading at $10,000 would put its market cap at approximately $1.2 trillion. 

In parallel, Nick highlighted that XRP reaching $10 translates to a valuation of around $550 billion or a fully diluted cap of approximately $1 trillion.

As a result, Nick argued that such targets are within reach for XRP. Besides, he emphasized that the $5 to $10 range for XRP would be a conservative outlook for this season.

Meanwhile, Nick is not alone believing that XRP will attain $10. As The Crypto Basic reported previously, many prominent market watchers have argued that XRP could attain $10 this cycle, with some even noting the possibility of XRP outperforming Bitcoin as it did in 2017. 

Unfair Comparison with BTC and ETH?

Meanwhile, an X user remarked that comparing XRP to Bitcoin and Ethereum lacks logical consistency. This commenter pointed out that Bitcoin and ETH will only need to double in value to reach their projected price points.

On the other hand, XRP would need to achieve a much more staggering 1,500% growth.

In response, Nick emphasized that this very difference is what makes XRP the best investment option. “[That] is why XRP is undervalued and has a great ROI opportunity this cycle,” Nick remarked.

Similarly, another commenter pointed out upcoming developments that could catalyze XRP’s ascent to lofty heights. These include DeFi’s coming with an automated market maker (AMM), the ending of the Ripple lawsuit, ETFs, more significant partnerships, and Bitcoin’s halving.

“It’s going up—way up. Be patient and ignore the noise,” the commenter said.

Bitcoin Crashes 87% to $8,900 on This Leading Exchange

Sam Wisdom Raphael
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0
Bitcoin Crashes 87% to $8,900 on This Leading Exchange

The price of Bitcoin crashed by as much as 87% from the value of $68,398 to a shocking low of $8,900 on the BitMEX exchange following a large sell order.

Market data confirms the crash, which occurred yesterday at 22:30 (UTC). Notably, the crypto asset started exhibiting unusual price movements from 20:00 on BitMEX, slumping to a low of $59,570, while the price remained above $66,000 across other exchanges.

Bitcoin Records Abnormal Slumps on BitMEX

The abnormal price actions persisted on BitMEX for over two hours as Bitcoin continued to record lower values below the $60,000 mark. It collapsed to a low of $50,000 at 21:45 and further slumped to $38,200 fifteen minutes later. Each drop was followed by a recovery to normal levels.

Bitcoin Chart BtiMEX
Bitcoin Chart on BtiMEX

Following a pushback above $64,000, Bitcoin witnessed a much sharper crash, dropping to as low as $8,900 at 22:30. This price marked an 87% collapse from Bitcoin’s opening price of the day. Interestingly, the last time BTC saw the $8,000 price level was in April 2020, months before the 2021 bull run.

Bitcoin again recovered from the drop to $8,900, but the unusual price movements persisted for thirty more minutes before normalcy was restored. Despite trading at normal levels now, the price of BTC is slightly lower on BitMEX, currently sitting at $65,028 with at least a $200 discount. 

Bitcoin Markets
Bitcoin Markets | CoinMarketCap

Cause of the Crash

Chinese blockchain reporter Colin Wu called attention to the anomalous price movements earlier this morning. Citing Blockchain Daily, Wu confirmed that the price actions were due to a rapid sale of 400 BTC (currently worth $26 million) on the Bitcoin spot market on BitMEX. 

The individual in question sold the assets at extremely low prices, impacting the market stability on BitMEX. The large volume of transactions around these low prices triggered a collapse in Bitcoin’s value, which was possible due to the lower market depth on BitMEX, currently at $25,669.

For context, the BTCUSDT pair on BitMEX has the lowest market depth among the top 40 pairs on CoinMarketCap. This low liquidity makes the market more susceptible to manipulation by traders with substantial resources who can execute orders that move the price in their favor.

In a statement, BitMEX emphasized that they are investigating the incident and confirming the execution of large sell orders. However, they stressed that the unusual price movements only occurred on the spot market, with the derivatives market unaffected. As a result, the market recorded no liquidations because of the anomaly.

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