Bitcoin briefly climbed above $29,000 during early trading hours after experiencing high volatility over the past 24 hours liquidating $178.78 million.
False alarms lead to sales
By April 26, the flagship digital asset had surged to $30,000 before suddenly dropping to around $27,200. The sudden price move was sparked by rumors that the US government and the bankrupt crypto exchange Mountain Gox were selling the assets.
Blockchain analytics firm Arkham Intelligence countered that its warning could not have caused the panic because it was sent after the market crash.
Meanwhile, Matrixport lead researcher Markus Thielen noted that the market should be well aware of the final distribution of that BTC. According to Thielen, the potential market impact of those benefits would not be bad.
More than $350 million wiped out of the crypto market
Following the sell-off, approximately $362 million was liquidated in the past 24 hours from more than 80,000 traders in the wider crypto market.
Coinglass data shows that most of the liquidations took place on OKX, Binance and ByBit. The three exchanges accounted for 78% of total liquidations, of which almost 60% were long positions.
Other liquid assets include Ethereum (ETH) and Arbitrum (ARB) – with $72.97 million and $7.95 million, respectively. Others, such as Dogecoin (DOGE), Litecoin (LTC), XRP, etc., recorded liquidations of less than $6 million each.
Cryptomarket is recovering
After the massive panic sell-off of the past 24 hours, the crypto market appears to be recovering.
Flagship digital assets such as Bitcoin, Ethereum and Cardano have posted mild gains according to early trading hours CryptoSlate facts.
Meanwhile, other leading assets have lost value. Binance Coin (BNB) is down 2.04% while XRP is down 1.87%. Dogecoin, Polygon and Solana lost less than 1% respectively.
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