How Bitcoin and Ethereum plunged in minutes amidst unexpected correction54

On May 17, the price of Bitcoin plunged from around $7800 to $6700 within minutes in a flash crash on BitMEX. Immediately after, the price of Ethereum dropped from $240 to $190.

The abrupt decline in the price of Bitcoin was triggered by the placement of a large sell order on Bitstamp and other major crypto exchanges, which triggered contracts on margin trading platforms like BitMEX to become liquidated.

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