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Bitcoin Price Spikes to nearly $6,900 as BitMEX Goes Offline

Bitcoin bounces back from its two days of mostly sideways trading with a massive leap on Wednesday morning. The flagship cryptocurrency spiked nearly $300 in less than a minute.

Bitcoin leaped from $6,466 to $6,745 during a single one-minute candle on Bitfinex, at exactly 1:00 UTC, yesterday. BTC continued its upward stride and rose above the $6,800 mark and peaking at $6,899 before settling back down to a present value of $6,840 at 1:34 UTC. The incident in question might not be quite organic.

The price action that occurred during a relatively-low trading volume period in the cryptocurrency markets nearly aligns with the exact moment that BitMEX went offline for scheduled maintenance. The leveraged cryptocurrency trading platform handles billions of dollars worth of contracts daily.

the moment @BitMEXdotcom went offline pic.twitter.com/OxppDispgb

— CamelBusBananaWomp (@CamelBus_) August 22, 2018

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