Ursprünglich erschienen auf: https://www.reddit.com/r/CryptoCurrency/comments/fhtwkv/as_soon_as_bitmex_went_offline_for_trading_the/
Not saying dont expect unregulated markets to not take advantage of massive stop loss hunt, however most of the dump probably can be attributed to the massive derivatives market and open longs waiting to get liquidated.
https://i.imgur.com/Uohvbcp.png you can even see here that just before the dump 83% of people on bitfinex were long which is a massive downward selling pressure if the market was able to dip low enough to stop people out.
The take away is things like bitcoin and many other cryptocurrencies will almost never take off as a currency when we created things like 100x leveraged longs and shorts.
Anyway in the mean time enjoy the retrace back up for those that did manage to buy in when prices were near 4k again.