Bitcoin dipped below $36K and ether fell under $2.6K on Tesla CEO’s bearish tweets, wiping out some leveraged players in the market.
The price of bitcoin is now down more than 30% so far in May, on track for its worst month since November 2018.
The company told customers withdrawals from the platform have been disabled, and they will get further details Wednesday.
The liquidator of the defunct cryptocurrency exchange has opened a portal so former users can begin making claims to retrieve their trapped funds.
Bitcoin's sudden price drop triggers a long squeeze across major exchanges.
Only $133 million in futures were liquidated on BitMEX as bitcoin soared above $11,400.
Bitcoin volatility continues to drop as the price stays within a tight range and traders wait for a breakout in either direction.
The crypto markets were shaken Wednesday amid a flurry of selling that saw more than $190 million worth of longs and shorts liquidated on BitMEX.