Users lost funds due to collapse of XRP on BitMEX to $0.13

by in Cryptocurrency News

XRP collapse BitMex

The ongoing volatility of bitcoin may possibly attract the main attention of traders, however, no less interesting events could be observed on Thursday, February 13, in the XRP markets. So, on the BitMEX derivatives exchange, as a result of an instant collapse of the exchange rate, the token at some point fell in price by almost 60%, dropping to $0.13.

During a sharp collapse, the price of the XRP index, which is formed on the data of the Bitstamp, Coinbase and Kraken exchanges, deviated by only a few points. Nevertheless, some traders reported that the stop-loss system on BitMEX did not work, because of which the positions were liquidated, and they lost all funds.

In the comments on the record of the injured trader, his statements, however, were called into question - for many other users, stop-loss worked in normal mode.

Related: GateHub users lost 23 million XRP during a hacking attack

The alleged cause of the incident is the low liquidity of the XRPUSD market, which BitMEX launched last week.

According to NewsBTC, in order to avoid unexpected liquidations, BitMEX uses the so-called “fair pricing”, when in cases of price manipulation, low liquidity or high volatility, the “fair price” is used instead of the last price.

No comments have been received from BitMEX representatives at this point, the XRP price has risen to around $0.325.