GMX Plummets 20% on Worries of Price Manipulation of AVAX/USD on Reference Exchanges

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) September 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.