INVESTIGATION BEGINS AS LARGE BTC SELL ON BITSTAMP LEADS TO $250 MLN LIQUIDATED ON BITMEX

May 17,2019 at 09:18 pm




Bitstamp, a major Cryptocurrency exchange has launched an investigation after a large bitcoin (BTC) sell order heavily impacted its order book, as the firm announced in a tweet on May 17.



The exchange firm has not specified the transaction details, But notably the price of bitcoin had recorded a downtrend at about 20% from around $7,800 to as low as $6,250 in less than 30 minutes earlier on the day, according to data from trading analytics platform TradingView. Briefly after the crash, bitcoin’s price has surged back, but stabilized below $7,400.



A crypto news outlet The Block, reported that the sell order on Bitstamp led to a liquidation of $250 million long positions on the BitMEX exchange, which further resulted in price declines on other crypto exchanges.

According to Forklog a crypto publication, the sell order on Bitstamp included 5,000 bitcoins sold at $6,200. While a large member of the crypto community suggested that the sell order could be made by mistake, with the order’s owner having been meant to sell his bitcoin at $8,200 instead of $6,200.

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