Crypto traders are looking for answers after a massive flash crash that caused the price of XRP to drop 58% in an instant on the crypto exchange BitMEX.
As the price plunged from $0.34 to $0.14, a number of traders say their stop losses were not triggered and their positions were immediately liquidated.
$XRP traded from $.34 to $.14 in one candle on Bitmex
My mama told me that’s the devils coin and I’m starting to believe her. pic.twitter.com/RsMvavCS2o
— Jacob Canfield (@JacobCanfield) February 13, 2020
WTF. FUCK YOU BITMEX. This is really not okay! My stop didn´t trigger and my entire bitmex account is fucking gone. Fuck you! pic.twitter.com/WHXbJoiTvL
— Marc de Koning (@Koning_Marc) February 13, 2020
So far, BitMEX has not commented on exactly what caused the crash or if the exchange plans to roll back the clock for traders hit with liquidations.
The collapse has triggered a debate on who, if anyone, is to blame.
Well there wasn't liquidity. Again, not Bitmex's fault. People should know the products/markets they're trading. Does it suck? Sure. Is it still their fault? Yes
Not to mention Marc has a seriously long history of not managing risk properly and getting massively rekt.
— Akado 'Bitcoin Halving in 84 days' Sang (@AkadoSang) February 13, 2020
XRP is now trading at $0.3249 on BitMEX, which is close to the figure reported by the crypto price aggregator CoinMarketCap, which currently lists XRP at $0.3266.
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