Bitmax Token flash crash sees price drop 70% in 30 minutes

30 Mar, 2019
by Ryan Boltman
News
Bitmax Token flash crash sees price drop 70% in 30 minutes

BitMax Token has seen some impressive gains over 2019, with a huge 10x gain in price since January. However all good things must come to an end as the project saw a 70% dump in price on Saturday.

BitMax Exchanges very own token saw a massive dump on Saturday that saw the price drop from $0.18 down to $0.05 in a matter of one hour. The price quickly saw some recovery as buyers essentially took advantage of the decrease in price to buy the dip. 

BTMX is currently traded on its native exchange BitMax, and IDEX but over 99% of the volume remains on BitMax. Questions could be asked if the exchange is potentially manipulating the price of the coin and then sold off huge amounts of tokens. 

The daily trading volume of BTMX is currently currently three times higher than it was yesterday, up from $18 million now sitting at $54 million, most likely due to users buying the dip. 

While it is not 100% certain what FUD was spread or what caused the massive decline in price. Twitter users had a lot to say about the irrational price movement. 

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