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Market meltdown destroys BitMEX order book, leaving crypto market prone to volatility

The global markets were subjected to an unparalleled meltdown yesterday that proved to be particularly impactful to the crypto markets, with Bitcoin and many major altcoins posting their largest single-day losses ever. This extraordinary price action caught investors by surprise and created a cascade of liquidations on BitMEX that further perpetuated the selloff, with buyers being unable to absorb the massive amount of selling pressure that began snowballing as the bears gained momentum. Although BTC is currently in the process of rebounding, it is important to keep in mind that BitMEX’s order book has been eviscerated, leading one economist to warn that more major price swings could be imminent. @TradeCryptoNow