A sharp decline started at 22:40 UTC that within two minutes led Bitcoin's price down to $8,900, marking its lowest point since the beginning of 2020. However, the recovery was just as rapid, with the price surging back to $67,000 by 22:50 UTC.
User @syq highlighted an individual's sale of over 850 BTC on BitMEX, leading the XBT/USDT spot pair to plummet to $8,900. Despite turbulence in the spot market, BitMEX's derivatives markets worth billions were unaffected.
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