Bitcoin (BTC) almost immediately fell to about $27,235 after reaching a price of $30,000, leading to more than $170 million in liquidations.
The largest cryptocurrency by market capitalization rose to $30,000 earlier in the day, leading to more than $70 million in liquidations for short traders in the past 24 hours.
Nearly $200 million liquidated
According to Mint glasssaw the crypto market liquidate $195 million in the past four hours, liquidating more than 77,000 traders.
Bitcoin saw $72.05 million in the last hour, while Ethereum saw $28.75 million. Other assets such as Dogecoin, Arbitrum, Chainlink, XRP, Litecoin, and Solana had less than $4 million in liquidations.
The largest liquidation took place on BitMEX on XBT, worth $5.05 million.
Bitcoin drops back to $27k
Bitcoin price has also fallen back to $27,000 after rallying over the past three days, based on data from CryptoSlate, after falling from a high of nearly $31,000 on April 14 to just $26,960 on April 24.
BTC was priced at $27,510 as of 20:30 UTC. Bitcoin’s price is down nearly 2.5% in the past 24 hours.
Other leading assets have also lost value. Ethereum (ETH) is down nearly 2%, while Binance Coin (BNB) is down 2.3% and XRP is down 4.7%, while Dogecoin (DOGE) is down 3.6%.
Jump Trading deposits to exchanges
Arkham Intelligence tweeted that Jump Trading, a prominent market maker, has deposited $26.6 million in BTC in the past hour on various exchange deposit addresses.
Most of these funds were sent to Binance, with Jump Trading transferring $23.7 million to their BTC deposit address.
The post Bitcoin drops back to $27,000, $200 million liquidation appeared first on CryptoSlate.