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<p>Bitcoin briefly climbed above $29,000 during early trading hours after experiencing high volatility that liquidated $178.78 million in the last 24 hours.</p>
<h2 id="false-alarm-triggers-sell-off">False alarm triggers sell-off</h2>
<p>On April 26, the flagship digital asset had <a href="https://cryptoslate.com/bitcoin-makes-play-for-30k-leading-to-145m-liquidations/">rallied toward</a> $30,000 before <a href="https://cryptoslate.com/bitcoin-drops-down-to-27k-range-again-liquidating-170m-and-77k-traders/">suddenly dropping</a> to around $27,200. The sudden price movement was fueled by rumors that the U.S. government and bankrupt crypto exchange <span class="skimlinks-unlinked">Mt.Gox</span> were selling the assets.</p>
<p>Blockchain analytical firm Arkham Intelligence <a href="https://cryptoslate.com/intelligence-platform-arkham-sent-incorrect-bitcoin-alert-coinciding-with-6-crash/">countered</a> that its alert couldn&#8217;t have caused the panic because it was sent after the market crash.</p>
<p>Meanwhile, Matrixport chief researcher Markus Thielen <a href="https://twitter.com/DeFiOnTarget/status/1651398427631321091?s=20">noted</a> that the market should be well aware of the eventual distribution of those BTC. According to Thielen, the potential market impact of those distributions would not be a big deal.</p>
<h2 id="over-350-million-wiped-from-crypto-market">Over $350 million wiped from crypto market</h2>
<p>Following the sell-off, $362.49 million was liquidated from over 80,000 traders in the last 24 hours across the broader crypto market.</p>
<figure id="attachment_321008" aria-describedby="caption-attachment-321008" style="width: 1546px" class="wp-caption aligncenter"><img class="size-full wp-image-321008" src="https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-27-090754.jpg" alt="Crypto market liquidation" width="1546" height="190" srcset="https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-27-090754.jpg 1546w, https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-27-090754-300x37.jpg 300w, https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-27-090754-1024x126.jpg 1024w, https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-27-090754-768x94.jpg 768w, https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-27-090754-1536x189.jpg 1536w" sizes="(max-width: 1546px) 100vw, 1546px" /><figcaption id="caption-attachment-321008" class="wp-caption-text">Source: Coinglass</figcaption></figure>
<p>Coinglass data shows that most liquidations occurred on OKX, Binance, and ByBit. The three exchanges accounted for 78% of the overall liquidations — of which nearly 60% were long positions.</p>
<p>Other liquidated assets include Ethereum (<a href="https://cryptoslate.com/coins/ethereum/">ETH</a>) and Arbitrum (<a href="https://cryptoslate.com/coins/arbitrum/">ARB</a>) — with $72.97 million and $7.95 million, respectively. Others like Dogecoin (<a href="https://cryptoslate.com/coins/dogecoin/">DOGE</a>), Litecoin (<a href="https://cryptoslate.com/coins/litecoin/">LTC</a>), XRP, etc., recorded liquidations of less than $6 million each.</p>
<h2 id="crypto-market-recovering">Crypto market recovering</h2>
<p>After the massive panic sell-off of the preceding 24 hours, the crypto market appears to recover.</p>
<p>Flagship digital assets like Bitcoin, Ethereum, and Cardano have posted mild gains during early trading hours, according to <em>CryptoSlate</em> data.</p>
<figure id="attachment_321013" aria-describedby="caption-attachment-321013" style="width: 933px" class="wp-caption aligncenter"><img class="size-full wp-image-321013" src="https://cryptoslate.com/wp-content/uploads/2023/04/BTCUSD_2023-04-27_09-52-42.png" alt="Bitcoin Price Performance" width="933" height="652" srcset="https://cryptoslate.com/wp-content/uploads/2023/04/BTCUSD_2023-04-27_09-52-42.png 933w, https://cryptoslate.com/wp-content/uploads/2023/04/BTCUSD_2023-04-27_09-52-42-300x210.png 300w, https://cryptoslate.com/wp-content/uploads/2023/04/BTCUSD_2023-04-27_09-52-42-768x537.png 768w" sizes="(max-width: 933px) 100vw, 933px" /><figcaption id="caption-attachment-321013" class="wp-caption-text">Source: Tradingview</figcaption></figure>
<p>Meanwhile, other leading assets have lost value. Binance Coin (BNB) is down 2.04%, while XRP declined 1.87%. Dogecoin, Polygon, and Solana shed less than 1%, respectively.</p>
<p>The post <a rel="nofollow" href="https://cryptoslate.com/market-volatility-wipes-360m-from-long-and-short-traders/">Market volatility wipes $360M from long and short traders</a> appeared first on <a rel="nofollow" href="https://cryptoslate.com">CryptoSlate</a>.</p>

Market volatility wipes $360M from long and short traders

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