Bitcoin fell to $8,900 on an exchange

Late on Monday, Bitcoin (BTC) plummeted to a staggering $8,900 on the BitMEX crypto exchange. Meanwhile, other platforms showed their value well above $60,000.

However, the drop was temporary, and Bitcoin quickly recovered to $67,000 at 23:00 UTC.

Why was Bitcoin blocked on BitMEX?

This abrupt descent began around 22:40 UTC. Within minutes, it fell to its lowest point since early 2020. During this incident on BitMEX, the global average price of Bitcoin remained around $67,400.

Speculation was rife on social media, particularly on Platform X. Observers attributed Bitcoin's decline to massive selling by a crypto whale. Cryptocurrency researcher Syq provided insight, noting that an anonymous crypto whale sold over 977 BTC in increments of 10 to 50 BTC in two hours.

At the same time, BitMEX had restricted withdrawals for certain accounts under scrutiny. Despite this, the exchange confirmed that its operations were normal and that all funds were safe.
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🔒UK Woman Convicted in $6 Billion Bitcoin Laundering Case🔒🔒
UK court convicts woman in a major Bitcoin laundering case linked to a $6 billion Chinese fraud, with sentencing set for May 10.
Charges of Bitcoin Laundering
The convict of this case is Jian Wen, a 42-year-old British national, who is being charged with being a part of a scheme that helps in the laundering of significant amounts of Bitcoin. These funds were reportedly linked to a fraudulent scheme organized by a Chinese fugitive that is said to have defrauded investors of almost $6 billion.
Jian Wen was pronounced guilty of one count of money laundering by the panel of the London jury, but it was unable to come to a decision on two other charges.
💠STORY HIGHLIGHTS💠
💲UK court convicts woman in $6B Bitcoin laundering linked to China fraud.
💲Over £1.7 billion in Bitcoin seized in major UK money laundering bust.
💲Jian Wen faces sentencing after guilty verdict in landmark crypto case.
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