Bitcoin Drops 100% from $103,000 to $0 on MEXC Exchange: Here’s What Happened
A TradingView glitch caused Bitcoin to drop by 100% to $0 on the crypto exchange MEXC, sparking an uproar within the crypto community.
Bitcoin traded between $101,000 and $105,000 on the open market yesterday, rebounding from a market flush the previous day. However, market data confirms the asset surprisingly dropped a staggering 100% to $0 on Seychelles-based crypto exchange MEXC.
The development made rounds on crypto Twitter as market proponents reacted to the price glitch. Crypto Beast, a veteran trader, drew the attention of his over 700,000 X followers and the broader community to the sharp decline in a Friday post.
He claimed in his post that the glitch, which lasted only for a few seconds, sparked a liquidation frenzy. According to him, all long positions on MEXC were liquidated.
Just A TradingView Glitch: MEXC
Notably, as a result, the speculations degenerated into widespread criticisms of MEXC, with claims of scams and fraud leveled against the exchange. Nonetheless, a reaction has followed, attempting to clear the air.
For context, MEXC Builders, the developer team of the Seychelles-based exchange, has taken to X to address the derogatory claims. The June 6 post clarified that Bitcoin’s price did not drop to $0 on its platform, nor did long positions suffer any loss due to the event.
However, the candlestick wick to $0 circulating on the internet is a glitch on TradingView’s path. This meant that it was a mere display error on the prominent online trading platform and did not reflect Bitcoin’s price on the MEXC website.
Meanwhile, the developers revealed that TradingView has rectified the display mishap. Furthermore, it is in contact with the platform’s technical team to address the issue at its root and prevent a similar event from occurring in the future.
At the time of writing, TradingView has not responded to the claims. Additionally, Bitcoin’s price has stabilized on the MEXC TradingView window, trading at its normal price of $104,856, alongside other exchanges.
Similar Crypto Price Glitches
Remarkably, even the most sophisticated exchanges have occasionally experienced glitches in asset prices. A similar occurrence happened several times on Binance, the largest crypto exchange by trading volume, in 2023.
For perspective, Bitcoin’s price glitched from $42,000 to $420,000 on the Binance futures market in December 2023. Notably, it occurred just three months after another price display malfunction, during which Bitcoin dropped 90% from $21,700 to $2,707.
Binance confirmed in both cases that it was a mere visual display error with no impact on trading activities.
Further, XRP has also seen several price glitches, both on TradingView and on the exchanges. For instance, the token traded at $62,032 on Kraken in June 2024, following a display error after reaching $9,864 on TradingView a few days earlier.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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