GMX sees 20% Decline Amid Worries of Price Manipulation on AVAX/USD

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GMX sees 20% Decline Amid Worries of Price Manipulation on AVAX/USD:

The decentralized derivatives exchange, GMX, has faced a 20% decline on its native token in the past 24 hours.


Despite the massive decline in the crypto market, reports still believes that there is a more particular reason for the decrease in the GMX price.

Several market analysts tweeted 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.

The price of GMX has reacted badly to the response.

GMX is down 20% in the past 24 hours, currently trading below $40.

This is also setting amid a broader market bloodbath where the total capitalization declined by 7.3% in the past day, currently sitting at around $940 billion.

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