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Bitcoin tumbled 9 percent in half an hour on Tuesday, bringing prices down to three-month lows, prompting a quick sell, even in light of tumultuous cryptocurrency markets.
At 9:50 pm, BTC was trading around $ 8,600, down from $ 9,812 in the previous 24 hours.
"Even for bitcoin, it's a pretty rare event," said Qiao Wang, product director at Messari, a crypto-based data research and analysis company. currency based in New York.
The price began to fall around 18:30 UTC and stabilized around 19:00.
An operator, who wishes to remain anonymous, said the price drop may have been exacerbated by margin calls and contract liquidations on Bitmex, a Seychelles-based exchange offering customers 100x leverage, basically loans to operators multiplying the size of an investment. 100 times.
Margin calls were noted by DataMish, a data platform. We contacted Bitmex for comments, but were unable to reach any representatives at the time of printing.
BitMex margin call data via DataMish.
Prices reached $ 8,627 at the time of publication.
Bear image via Shutterstock
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