March 28, 2023

XRP BitMEX rate instantly crashes to $ 0.13

XRP BitMEX rate instantly crashes to $ 0.13

On February 13, on the BitMEX platform, the XRP price almost instantly collapsed from $ 0.32 to $ 0.13. Due to this error errors, some traders have reported a loss of funds.

After a 60% fall in prices, tradersThey began to report that the Stop Loss system did not work on the BitMEX platform, which led to the immediate liquidation of the positions of traders and the loss of their funds. Analyst Jacob Canfield noted that the event had widespread implications for the market and was not a harmless mistake.

XRP BitMEX rate instantly crashes to $ 0.13

This turn of events was unexpected for BitMEX, which usually adheres to the rules of "fair pricing" to protect against high volatility and low liquidity.

According to some users, in the BitMEX futures market, a sharp price movement caused the liquidation of positions, taking away the pledges of traders.

The trading failure occurred amid the low liquidity of the XRP / USD market, which was launched on the exchange just a week ago.

At the moment, representatives of BitMEX have not given official comments.