- BTC recorded a sudden crash right after the coin broke past the $30k level
- Initial speculation placed the blame on Mt Gox, but the portfolios have not registered any movement
Bitcoin [BTC], the largest cryptocurrency in the market, continued its upward trajectory in the first half of April 26. However, this momentum collapsed within minutes.
The coin had broken through the $30,000 mark and reached a high of $31,050 on Coinbase. But these gains were lost within minutes as the coin crashed to a low of $27,230 on the US exchange.
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According to CoinMarketCap, BTC was trading at $27,607.55 with a market cap of $543 billion at the time of writing. The trading volume of the king coin was over $29 billion. And it had registered a loss of more than 5% in the past hour after the dramatic crash.
In addition, the BTC Long/Short ratio on Coinglass shows that short positions for the coin have overtaken long positions. The ratio at the time of writing on the 30-minute chart is 0.83:1, with the short positions making up 54.72% of the market. Meanwhile, only 45.28% of the long positions consisted of players in the market.
Source: Coinglass
BTC crash illuminates the market
The sudden crash caused the market to speculate about the reason behind the move. Moreover, according to the data on Santiment, BTC’s social dominance peaked right when the coin crashed. This indicates that the market was actively talking about BTC’s latest development.
Source: Sentiment
a tweet by Arkham Intelligence – a blockchain intelligence company – pointed to a recent move by Jump Trading. The intelligence platform stated that Jump Trading had moved $26.6 million in Bitcoin to exchanges.
A majority of the money, amounting to $23.7 million in BTC, was moved to Binance – the largest crypto exchange in the world. In addition, $2.18 million worth of BTC was sent to OKX and about $720,000 worth of BTC to Bybit exchanges.
In the past hour, Jump Trading has deposited a total of $26.6 million in BTC to various exchange deposit addresses.
The main exchange to deposit was Binance, with Jump sending $23.7 million to their BTC deposit address there.
However, they also sent $2.18 million BTC to OKX and $720,000 BTC to Bybit. pic.twitter.com/AzoSeQMF55
— Arkham (@ArkhamIntel) April 26, 2023
Notably a Tweet from DB – a Twitter handle for crypto news alerts, mention that according to Arkham Alert, the US government and Mt Gox wallets were the ones making these transactions. However, according to Bitinfocharts, none of the Mt Gox wallets had transacted.
Meanwhile, the claims of making transactions by the US government also remain unconfirmed as the company had not yet submitted any transaction IDs. According to data on Dune, the US government about 215k BTC, coins seized from Silk Road, Bitfinex hack and James Zhong. However, these wallets have not made any transactions this month.
In addition, the Twitter handle, WhaleChart, claimed that reports of the US government moving seized BTC were false.
JUST IN;
Reports of seized BTC by the US government are incorrectly moved.
— whale chart (@WhaleChart) April 26, 2023
