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How BitMEX’s March 12 Outage May Have Prevented A Deeper Bitcoin Crash – And Why Bybit Took Over
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How BitMEX’s March 12 Outage May Have Prevented A Deeper Bitcoin Crash – And Why Bybit Took Over
In the 24 hours starting March 12, 2020, Bitcoin plunged from roughly $7,900 to $3,600, shredding over-leveraged longs across every derivatives venue. At the center of the storm was BitMEX, the exchange that had practically invented the perpetual swap. Its matching engine went dark for about 25 minutes—a gap that, according to a veteran user’s retrospective, may have interrupted a self-reinforcing liquidation spiral and prevented Bitcoin from tr…
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