RATE Group | Bitcoin spiked by $300 in one minute after BitMEX went offline
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Bitcoin spiked by $300 in one minute after BitMEX went offline

22 Aug Bitcoin spiked by $300 in one minute after BitMEX went offline

Posted at 06:43h in Bitcoin News by

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Bitcoin’s value surged Tuesday evening, rocketing from around $6,450 to nearly $6,900 almost instantly.

Markets Insider

The move coincided with scheduled maintenance on BitMEX, a derivatives trading platform for bitcoin and other cryptos. And insiders say the move precipitated some wild trading.

The platform went down at 9 p.m. EST today — which was the exact moment that Bitcoin spiked. Prices peaked at $6,899 before easing back slightly.

Industry insiders indicated the spike appeared to be directly related to the BitMEX shutdown. Hunter Horsely, the CEO of Bitwise, told Business Insider that the shutdown sparked a widespread trade to buy.

“It is a silly short term trade,” he said. “Buy when maintenance starts. Sell when ends.”

In addition, as soon as…

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