Bitcoin derivatives exchange BitMEX has gone offline for unscheduled maintenance after the trading engine suffered a “major outage”.
A statement on the exchange reads: “The Trading Engine is currently offline. We’re working to bring it back online as soon as possible. Further updates to follow shortly.”
BitMEX has not been offline since the coronavirus-induced crash on March 13, which saw trading halted following a cascade of liquidated long positions.
This time around spectators are unsure at the potential impact BitMEX going down will have on price action, but as it is one of the largest in terms of trade volume and open positions volatility is expected.
The BitMEX Trading Engine is currently down. We’re working to bring it back online as soon as possible. Further updates to follow shortly. For official updates please follow https://t.co/fVa1FA9hNo
— BitMEX (@BitMEXdotcom) May 19, 2020
Price has already begun to tumble on other exchanges like Bitfinex, with Bitcoin falling from its daily high of $9,880 to where it is not at $9,606.
If the price of Bitcoin begins to fall further on other exchanges before BitMEX comes back online it would trigger a spurt in liquidations when it goes back live.
This would, undeniably, cause Bitcoin to drop even further with a test of the $8,830 level of support looking likely.
Disclaimer: This is not financial advice.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.