• Bitcoin’s price movement was fueled by rumors of the US government and Mt. Gox selling assets.
• Market volatility liquidated $178.78 million in the last 24 hours.
• Over $350 million wiped from crypto market across OKX, Binance, and ByBit exchanges.
Market Volatility Wipes $360 Million from Long and Short Traders
Bitcoin experienced high volatility which liquidated $178.78 million in the last 24 hours as it briefly climbed above $29,000 during early trading hours. The sudden price movement was driven by rumors that the U.S. government and bankrupt crypto exchange Mt.Gox were selling their assets, though this was later discounted by blockchain analytical firm Arkham Intelligence who noted its alert couldn’t have caused the panic as it was sent after the crash occurred.
False Alarm Triggers Sell-Off
Matrixport chief researcher Markus Thielen pointed out that markets should be well aware of eventual distributions of those BTC, with potential market impact being a relatively minor issue overall due to these distributions taking place over time rather than all at once..
Over $350 Million Wiped from Crypto Market
Following the sell-off, Coinglass data revealed that around $362 million had been liquidated from over 80,000 traders in the past 24 hours across multiple crypto markets, with most occurring on OKX, Binance and ByBit – accounting for 78% of total liquidations with nearly 60% coming from short positions specifically.
FTX Confirms Plans to Restart Japanese Exchange
In other news FTX has confirmed plans to restart its Japanese exchange; taking control of NFTs worth over $4M while Meta reported 40% of Instagram content is AI-recommended; retaining Metaverse focus and Snapchat integrating an AI chatbot users must pay to turn off; with Circle introducing a cross-chain USDC protocol also making headlines recently.
Conclusion
The recent market volatility has highlighted how quickly digital asset prices can spike or plummet in response to false alarms or rumours circulating about large holders selling off their holdings; a reminder for investors to remain vigilant when trading cryptocurrency assets as there are often significant consequences if caught on wrong side of market movements as this recent event clearly demonstrated!