Home Analysis Market volatility wipes $360M from long and short traders

Market volatility wipes $360M from long and short traders

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After experiencing high volatility liquidating $178.78 million over the past 24 hours, Bitcoin briefly crossed $29,000 early in the trading hour.

False alarm causes selling

On April 26, the flagship digital asset surged to $30,000 before suddenly dropping to around $27,200.The sudden price move was fueled by rumors of the US government and bankrupt cryptocurrency exchanges. mount gox I was selling my property.

Blockchain analytics firm Arkham Intelligence countered that the alert was sent after the market crash and should not have caused panic.

On the other hand, Marcus Thielen, a senior researcher at Matrixport, said, I got it The market should be well aware of the eventual distribution of these BTCs, and according to Thielen, the potential market impact of these distributions is not a big deal.

Over $350 million erased from the crypto market

Following the sale, approximately $362 million was liquidated across the broader crypto market from over 80,000 traders in the last 24 hours.

Source: Coinglass

According to Coinglass data, most of the liquidations were made on OKX, Binance and ByBit. The three exchanges accounted for 78% of all liquidations, of which nearly 60% were long positions.

Other liquidated assets include Ethereum (ETH) and Arbitrum (ARB) at $72.97 million and $7.95 million respectively. Others such as Dogecoin (DOGE), Litecoin (LTC) and XRP each recorded liquidations of less than $6 million.

Crypto market recovery

After massive panic selling over the past 24 hours, the cryptocurrency market appears to have recovered.

Major digital assets such as Bitcoin, Ethereum, and Cardano have recorded modest gains early in trading hours, according to. crypto slate data.

Bitcoin price performance
Source: Trading View

Meanwhile, other major assets have lost value. Binance Coin (BNB) fell 2.04% while XRP fell 1.87%. Dogecoin, Polygon, and Solana each fell by less than 1%.

Post-market volatility has lost $360 million from long and short traders who first appeared on CryptoSlate.

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