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XRP Flash Crashes to 13 Cents on Margin Trading Platform BitMEX

Volatility has returned to the crypto market in a big way, with Bitcoin and many individual altcoins going on massive, parabolic rallies.
The rallies across the crypto market have reached returns of over 50% year to date or higher, and in some cases, altcoins are up over 400%.
But volatility can make trading difficult, especially on trading platforms that offer leverage. Leverage allows traders to “gear” their trades using borrowed funds, allowing them to take positions much larger than what their capital would normally allow for.
This leads to even larger returns on any successful trades, but also can multiply risk by the same extreme factor, which could lead to liquidations if stops aren’t triggered and the asset price moves in the other direction.
This is exactly what happened last night when the price of XRP flash crashed to from 32 cents to just 13 cents in a matter of seconds on BitMEX.
Traders across the crypto space were liquidated as the powerful move skipped right over stops, or, because the move was so powerful, stops weren’t triggered until nearly entire accounts were wiped out.
But as crypto traders caught up in the volatility complain about their losses, their tragedy is another trader’s trade of a lifetime.