In the wee small hours of Wednesday (August 22) morning, Bitcoin enjoyed a much-needed price spike, surging by $300 in less than a minute and within half an hour had climbed from $6,466 to $6,899.
Bitcoin enjoyed a moment of much needed positivity and plain old excitement when seemingly out of nowhere, it gained $300 in value in a matter of seconds. At exactly 1:00 AM CET, Bitcoin suddenly surged from a price of $6,466 to $6,745 within the space of 45 seconds. However, Bitcoin wasn’t done yet, and its price continued to rise, finally peaking at $6,899 at around 1.30 AM.
Did BitMex Cause Bitcoin Price Surge?
There is already a suggestion circulating on social media that the reason for Bitcoin’s sudden and substantial price hike wasn’t exactly down to an organic occurrence like a major BTC purchase; the spike, which happened during a period of relatively-low trading volume across the cryptocurrency market, seems to have occurred at almost the exact moment that the trading platform BitMex went offline for scheduled maintenance.
BitMex is a leveraged cryptocurrency trading platform that deals with billions of dollars’ worth of transactions on a daily basis. In theory, it is indeed possible that when it shut down briefly for maintenance purposes, it sent a ripple of positive gains that affected the entire crypto market.
Bitcoin Value Already Beginning To Slide
At the time of writing this article, BitMEX was yet to resume services, and therefore had not yet began trading. It remains to be seen whether Bitcoin, and the crypto market in general, will hang on to those gains. Bitcoin’s valuation at 5 AM CET was $$6,708, already almost $200 down on what it had reached just three and a half hours earlier.