GMX down 20%
Decentralized derivatives exchange, GMX, has seen the price of its native token plummet by 20% over the past 24 hours.
Although the entire market is currently falling, the specific cause of the GMX price drop is due to concerns about the price manipulation of a given trading pair.
Price manipulation of AVAX/USD
Many well-known analysts have pointed out that there was manipulation of the price of the AVAX/USD pair, after which the official account of the GMX exchange was confirmed this information.
“We were notified of price manipulation of AVAX/USD on reference exchanges by monitoring systems and community members.”
We were notified of price manipulation of AVAX/USD on reference exchanges by monitoring systems and community members.
While we review the occurrence, open-interest for AVAX has been capped at $2m long / $1m short.
GLP and GMX trading markets continue to operate normally.
— GMX 🫐 (@GMX_IO) September 18, 2022
The open interest rate for AVAX has been capped at $2 million/$1 million short.
The GLP and GMX trading markets continue to function normally.
The price of GMX has dropped significantly. The cryptocurrency is down 20% in the last 24 hours, currently trading below $40.
This also comes amid a stronger downward trend in the market as the total capitalization decreased by 7.3% over the past day, currently at about $940 billion.