The motion started at 3am UTC, with a promote order roughly 6 p.c under the market worth and a whole lot of occasions bigger than the norm on the alternate at the moment. As that order fulfilled accessible bids, the ask worth moved decrease, dragging the market worth down till it reached $6,276, at which level the promoting stopped. A chronological calculation reveals the sellers bought about 2,905.7 items of bitcoin, in mixture at about $2.5 million under what they might have realized at a bitcoin market worth of $7,700. On the identical time, over $200 million in lengthy positions have been being liquidated on BitMEX, in accordance with skew.com. If it was manipulation, it returned as much as an 80X a number of over what the manipulators put in danger. The entire thing was over in about 10 minutes.