{"id":127683,"date":"2020-03-13T03:49:46","date_gmt":"2020-03-13T03:49:46","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=127683"},"modified":"2020-04-06T01:18:37","modified_gmt":"2020-04-06T00:18:37","slug":"bitmex-freezes-as-xbtusd-crashes-10-below-bitcoin-spot-price","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitmex-freezes-as-xbtusd-crashes-10-below-bitcoin-spot-price\/","title":{"rendered":"BitMEX freezes as XBTUSD crashes 10% below Bitcoin spot price [UPDATED]"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The price of <a href=\"http:\/\/cryptoslate.com\/coins\/bitcoin\">Bitcoin<\/a> dived $400 below the BTC spot price on BitMEX\u2019s Bitcoin perpetual swap contract as the platform r<\/span><span style=\"font-weight: 400;\">eportedly halted trading on account of &#8220;system instability.&#8221;<\/span><\/p>\n<p>Traders widely reported experiencing a system crash on BitMEX between 02:16 and 03:00 UTC Friday morning, as XBTUSD crashed to $3,600, $400 below the Bitcoin spot price.<\/p>\n<p><a href=\"https:\/\/twitter.com\/Stock_to_Flow\/status\/1238301203747835907\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-127702\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/Screen-Shot-2020-03-13-at-11.04.12-AM-832x1024.png\" alt=\"bitcoin bitmex\" width=\"476\" height=\"586\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/Screen-Shot-2020-03-13-at-11.04.12-AM-832x1024.png 832w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/Screen-Shot-2020-03-13-at-11.04.12-AM-244x300.png 244w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/Screen-Shot-2020-03-13-at-11.04.12-AM-768x946.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/Screen-Shot-2020-03-13-at-11.04.12-AM.png 1064w\" sizes=\"(max-width: 476px) 100vw, 476px\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\"> The huge divergence came following a ferocious market-wide sell-off that saw Bitcoin shed nearly 40 percent against the dollar, and the BitMEX funding rate crater to its lowest level in years.\u00a0<\/span><\/p>\n<p>At 5am UTC, BitMEX released a statement on Twitter describing the outage as a &#8220;hardware issue&#8221; causing &#8220;requests to be delayed.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Between 02:16 and 02:40 UTC 3 March 2020 we became aware of a hardware issue with our cloud service provider causing BitMEX requests to be delayed. Normal service resumed at 03:00 UTC. As a reminder, latest system updates can be found on our status page <a href=\"https:\/\/t.co\/fVa1FAqSEW\">https:\/\/t.co\/fVa1FAqSEW<\/a><\/p>\n<p>&mdash; BitMEX (@BitMEXdotcom) <a href=\"https:\/\/twitter.com\/BitMEXdotcom\/status\/1238327316914163719?ref_src=twsrc%5Etfw\">March 13, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>A bad day to be on BitMEX<\/h2>\n<p><span style=\"font-weight: 400;\">The sudden drop in funding comes after one of the largest bloodbaths ever seen on the Seychelles-based derivatives exchange, with Thursday seeing nearly $1.4 billion worth of long contracts get liquidated, and the BitMEX insurance fund losing 1627 BTC, its biggest intraday drop in two years.\u00a0 After Friday's early-morning flash-crash, the fund will thinkably post a larger loss (data is yet to be released for Friday).\u00a0<\/span><\/p>\n<figure id=\"attachment_127684\" aria-describedby=\"caption-attachment-127684\" style=\"width: 372px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/www.datamish.com\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-127684\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/Screen-Shot-2020-03-13-at-9.20.31-AM-270x300.png\" alt=\"BitMEX XBTUSD liquidations\" width=\"372\" height=\"366\" \/><\/a><figcaption id=\"caption-attachment-127684\" class=\"wp-caption-text\">BitMEX XBTUSD liquidations (Source: Datamish)<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">As Bitcoin hit $4,000 on the spot market BitMEX's XBTUSD two-hour funding rate saw a drop to a massively low -0.3750 percent, and the contract price wicked down to $3,600.\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/cryptoslate.com\/people\/jonathan-leong\/\">Jonathan Leong<\/a>, CEO of crypto derivatives exchange <a href=\"https:\/\/cryptoslate.com\/companies\/btse\/\">BTSE<\/a> told CryptoSlate:<\/p>\n<blockquote><p>\u201cThe crypto markets are affected right now because BTC has been trading like its positively correlated with the equities market. If you compare the traditional markets to the BTC market cap of $140 billion it is difficult to consider Bitcoin as a safe haven at this time\u201d<\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\"> The funding rate is a mechanism unique to perpetual futures offerings like BitMEX's Bitcoin contract designed to encourage the futures price to stay near spot price. In periods where the funding rate is skewed heavily negative, short contract-holders must pay larger fees to long-holders. Bouts of extreme volatility \u2014 like at present \u2014 can send the futures price careering away from the index as the funding rate swings in one direction or the other.<\/span><\/p>\n<figure id=\"attachment_127686\" aria-describedby=\"caption-attachment-127686\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/www.skew.com\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-127686 size-large\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/skew_btc_perpetual_swaps_funding-1-1024x572.png\" alt=\"BitMEX Bitcoin weekly funding rate\" width=\"1024\" height=\"572\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/skew_btc_perpetual_swaps_funding-1-1024x572.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/skew_btc_perpetual_swaps_funding-1-300x168.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/skew_btc_perpetual_swaps_funding-1-768x429.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/skew_btc_perpetual_swaps_funding-1.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption id=\"caption-attachment-127686\" class=\"wp-caption-text\">BitMEX weekly funding rate &#8211; Skew<\/figcaption><\/figure>\n<p>According to crypto analyst <a href=\"https:\/\/cryptoslate.com\/people\/alex-kruger\/\">Alex Kruger<\/a>, BitMEX's -0.3750 daily funding rate would work out to short holders paying 400 percent to longs annually.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Amazing. That represents 400% annualized. Shorts pay longs. <a href=\"https:\/\/t.co\/3Mws9CqFDS\">pic.twitter.com\/3Mws9CqFDS<\/a><\/p>\n<p>&mdash; Alex Kr\u00fcger (@krugermacro) <a href=\"https:\/\/twitter.com\/krugermacro\/status\/1238288442452303875?ref_src=twsrc%5Etfw\">March 13, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Ross Middleton, CFO at decentralized exchange <a href=\"https:\/\/cryptoslate.com\/companies\/deversifi\/\">DeversiFi<\/a> spoke to CryptoSlate about the reasons for the drop, stating:<\/p>\n<blockquote><p>There is a general &#8216;risk-off' approach to all risk assets, including crypto. Bitcoin will show its safe-haven credentials over a longer time horizon once this move has bottomed out, or at least prove uncorrelated to other asset classes.&#8221;<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>The price of Bitcoin dived $400 below the BTC spot price on BitMEX\u2019s Bitcoin perpetual swap contract as the platform reportedly halted trading on account of &#8220;system instability.&#8221; Traders widely reported experiencing a system crash on BitMEX between 02:16 and 03:00 UTC Friday morning, as XBTUSD crashed to $3,600, $400 below the Bitcoin spot price. [&hellip;]<\/p>\n","protected":false},"author":175,"featured_media":127696,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,60840,15323],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BitMEX freezes as XBTUSD crashes 10% below Bitcoin spot price [UPDATED]<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/bitmex-freezes-as-xbtusd-crashes-10-below-bitcoin-spot-price\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BitMEX freezes as XBTUSD crashes 10% below Bitcoin spot price [UPDATED]\" \/>\n<meta property=\"og:description\" content=\"The price of Bitcoin dived $400 below the BTC spot price on BitMEX\u2019s Bitcoin perpetual swap contract as the platform reportedly halted trading on account of &#8220;system instability.&#8221; Traders widely reported experiencing a system crash on BitMEX between 02:16 and 03:00 UTC Friday morning, as XBTUSD crashed to $3,600, $400 below the Bitcoin spot price. 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