The decentralized derivatives exchange, GMX, saw the price of its native token plummet by 20% in the past 24 hours.
Even though the entire market is currently declining, there seems to be a more particular reason for the decrease in the GMX price.
- Multiple popular analysts took it to Twitter to point out that there has been price manipulation of the AVAX/USD pair, later confirmed by the official account of the GMX exchange.
We were notified of price manipulation of AVAX/USD on reference exchanges by monitoring systems and community members.
While we revie the ocurrence, open-interest for AVAX has been capped at $2m long / $1m short.
GLP and GMX trading markets continue to operate normally.
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) ខែកញ្ញា 18, 2022
- The price of GMX has taken a beating in response. The cryptocurrency is down 20% in the past 24 hours, currently trading below $40.
- This also takes place amid a broader market pullback where the total capitalization plunged by 7.3% in the past day, currently sitting at around $940 billion.
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Source: https://cryptopotato.com/gmx-plummets-20-on-worries-of-price-manipulation-of-avax-usd-on-reference-exchanges/