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Bitcoin Spikes After Leveraged Trading Platform BitMEX Goes Down for Maintenance

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The price of Bitcoin (BTC) surged in early morning trading on Wednesday after the leveraged cryptocurrency trading platform, BitMEX, entered into a scheduled maintenance period.

BitMEX is currently one of the largest exchanges in the world by total volume, moving more than half a million BTC over the last 24 hours. The exchange offers investors access to a Bitcoin derivatives market, which is different from spot trading in that it enables leveraged shorts up to 100x.

The Bitcoin price activity corresponding to the scheduled BitMEX maintenance period indicates that bulls seized their opportunity to drive up the price while the largest platform for shorting was offline. This likely kicked in multiple short stop-losses, adding further fuel to the runup via a mini short squeeze.

Bitcoin Spikes After Leveraged Trading Platform BitMEX Goes Down for Maintenance - Bitcoin Spikes After Leveraged Trading Platform BitMEX Goes Down for Maintenance
CoinCodex

The AltDex 100 Index (ALT100), a benchmark index for the industry’s leading cryptocurrencies and tokens, also jumped in response to the BTC move and is currently up 5.3%. The top gainers over this period include Waltonchain (+19%), Nano (+19%), VeChain (+13.4%) and RChain (+9%).

Investors should watch closely to see if Bitcoin is able to retain its BitMEX-related gains, as this should help guide trading direction over the course of the week.

More: AltDex Cryptocurrency Indices
Similar: Crypto Exchange Bakkt Will Not Allow Bitcoin Margin Trading

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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