Alex Dovbnya
In a sudden and dramatic turn of events, Bitcoin’s value plunged to an intraday low of $27,242, erasing its recent gains and sending the market into shock.
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Bitcoin experienced a dramatic crash, falling to an intraday low of $27,242 at 20:02 UTC on the Bitstamp exchange.
The plunge came after the cryptocurrency briefly reclaimed the $30,000 mark following a sharp drop in shares of First Republic Bank and the escalating banking crisis. This downturn wiped out the digital asset’s recent gains.
According to CoinGlass data, liquidations over the past hour totaled $183.29 million, with long positions accounting for $161.21 million (87.96%) and short positions accounting for $22.07 million accounted for
Among the major exchanges, Binance saw $62.63 million in liquidations, of which 92.44% were long positions, while OKX saw $54.13 million in liquidations, of which 88.15% Long positions were.
Bitcoin’s fall in value coincided with a warning from Arkham that both Mt. Gox and US government wallets are transacting.
The warning drew significant attention on Twitter, and speculation abounded.
It’s worth noting that the connection between these transactions and the Bitcoin crash is still unclear, but the timing suggests a possible correlation.
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