Bitcoin Takes A Dive As Flash Crash Hits $8.9K On BitMEX Crypto Exchange
Portfolio Pulse from Mehab Qureshi
Bitcoin experienced a dramatic drop to $8,900 on BitMEX, diverging from its $67,400 average global price. The flash crash was followed by a swift recovery. Concerns over market exuberance after spot ETF approvals and a spike in futures market volatility were noted. Grayscale and Fidelity Bitcoin ETFs saw significant outflows, with a collective net outflow of $154.3 million for spot Bitcoin ETFs. BitMEX addressed the crash, attributing it to aggressive selling by a few accounts but assured that all systems were normal and funds safe.
March 19, 2024 | 9:21 am
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Bitcoin's flash crash to $8,900 on BitMEX and subsequent recovery to $67,000 highlights market volatility and investor concerns over exuberance. Significant ETF outflows indicate shifting investor sentiment.
The dramatic price action and the subsequent recovery of Bitcoin on BitMEX, coupled with significant outflows from Bitcoin ETFs, suggest heightened market volatility and investor caution. This could lead to short-term price pressure on Bitcoin as the market digests these developments.
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IMPORTANCE 90
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