Home / Blog / XRP Price Hits 7-Month High as BitMEX Users Reel From 60% Flash Crash

XRP Price Hits 7-Month High as BitMEX Users Reel From 60% Flash Crash

XRP Price Hits 7-Month High as BitMEX Users Reel From 60% Flash Crash

BitMEX continues to discipline main criticism and even anger from merchants who misplaced large quantities of cash in a flash crash involving altcoin XRP

The crash, which occurred at 14.00 UTC on Feb. 13, noticed XRP/USD fall 60% from $zero.33 to only $zero.13 — for 2 seconds.

XRP crashes on BitMEX 

In that point, merchants complain, measures designed to stop liquidations of positions did not activate, and BitMEX routinely erased their whole balances.

BitMEX is well-known for providing trades with vital leverage. In the case of XRP, merchants are in a position to leverage by as much as 50 occasions.

Following the occasion, the corporate issued a assertion defending its response, saying its platform was functioning as regular.

“We understand traders’ frustration when prices move quickly against their positions,” a tweet learn.

XRP/USD 5-day price chart

XRP/USD 5-day value chart. Source: BitMEX

At press time, XRP/USD was again at $zero.33, a seven-month excessive, having immediately rebounded after the sudden dip. Nonetheless, these affected had something however recovered.

“Not getting back a penny. Outright criminal,” startup investor Marc de Koning wrote on Twitter. 

“This ONLY occurred on Bitmex, nowhere else. All in a matter of seconds. No liquidity to back up the move.”

CEO: customers are “trading a turd”

BitMEX launched a brand new XRP product earlier this month. At the time, CEO Arthur Hayes appeared to joke in regards to the coin’s legitimacy.

Hours earlier than the flash crash, he issued one other put up about XRP value development, which has topped 25% previously few days alone. Hayes tweeted:

“CRipple the shorts. Pro Tip: the Buy and Sell buttons are both equally profitable regardless of whether or not you are trading a turd.”

BitMEX’s insurance coverage fund, which the corporate says is “not intended for use” in conditions such as the XRP occasion, at the moment stands at 34,328 BTC ($352.2 million).

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