Bitcoin Plunges to $8.9K on BitMEX Before Rapid Recovery to $67K; Exchange Probes Potential Misconduct

Bitcoin experienced a flash crash on BitMEX exchange, with prices plunging to $8,900 before rapidly recovering to $67,000.

The crash was likely triggered by a large market sell order of over 850 BTC, driving prices down.

BitMEX is investigating potential misconduct by traders related to the incident.

BitMEX stated the flash crash had no impact on its billion-dollar derivatives market.

Bitcoin is currently trading 7% lower over the last 24 hours, indicating the flash crash may have had a broader market impact.