BTC Spikes to $6800, BitMEX Down for Maintenance

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Bitcoin has stormed out of its week-long consolidation in truly dramatic fashion, yet the timing of the monster $5 billion buy rally has prompted a torrent of accusations from BitMEX users — seeming to coincide perfectly with the exchange’s scheduled downtime. Bitcoin bulls seemed to come out guns blazing in one of the largest buy frenzies in weeks; pushing the coin up to $6800 — a near-6% spike in an hour. At time of press, Bitcoin market capitalization stands $5.2 billion higher than prior to the rally; however bears appear to be regaining strength as Bitcoin returns to below the $6700-mark. Not all are convinced that the furious rally was organic, however. Occurring between 01:00-02:00 UTC, the rally appears to have overlapped precisely with the scheduled downtime of BitMEX — the world’s largest BTC/USD exchange by daily volume. Don Le, CEO of blockchain research and investment group ChainRock, commented: