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Bitcoin momentarily surged past $29,000 during the early trading session after undergoing significant volatility that resulted in the liquidation of $178.78 million within the past 24 hours.
False alarm prompts sell-off
On April 26, the leading digital currency had advanced towards $30,000 before abruptly falling to approximately $27,200. This sudden fluctuation was driven by speculation that the U.S. government and the insolvent crypto exchange Mt.Gox were offloading their assets.
Blockchain analytics company Arkham Intelligence asserted that its notification could not have instigated the panic, as it was issued after the market downturn.
In the meantime, Matrixport’s chief researcher Markus Thielen pointed out that the market should be cognizant of the eventual distribution of those BTC. Thielen indicated that the potential market repercussions of these distributions would not be significant.
Over $350 million erased from crypto market
In the aftermath of the sell-off, approximately $362 million was liquidated from more than 80,000 traders in the last 24 hours across the wider crypto market.
Source: Coinglass
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Data from Coinglass reveals that the majority of liquidations took place on OKX, Binance, and ByBit. These three exchanges represented 78% of the total liquidations, with nearly 60% being long positions.
Other assets that faced liquidation include Ethereum (ETH) and Arbitrum (ARB), amounting to $72.97 million and $7.95 million, respectively. Additional cryptocurrencies such as Dogecoin (DOGE), Litecoin (LTC), and XRP experienced liquidations of less than $6 million each.
Crypto market on the mend
Following the significant panic sell-off of the previous 24 hours, the crypto market seems to be on the path to recovery.
Leading digital assets like Bitcoin, Ethereum, and Cardano have recorded slight gains during the early trading hours, as per CryptoSlate data.
Source: Tradingview
Conversely, other prominent assets have seen declines. Binance Coin (BNB) has decreased by 2.04%, while XRP has fallen by 1.87%. Dogecoin, Polygon, and Solana have each lost less than 1%.
The post Market volatility wipes $360M from long and short traders appeared first on CryptoSlate.
