Crypto Market Sees $337 Million in Liquidations as Bitcoin Drops to $27k

Bitcoin experienced a sharp drop in its price, falling to about $27,235 after reaching $30,000. The sudden dip led to more than $337 million in liquidations, with nearly 77,000 traders being affected in the past four hours. Short traders suffered the most significant losses, with more than $70 million in liquidations in the last 24 hours alone.

According to Coinglass, the crypto market saw $337 million liquidated in total, with Bitcoin accounting for the most significant amount at $165 million in the past hour. Ethereum saw $64.46 million in liquidations, while other assets such as Dogecoin, Arbitrum, Chainlink, XRP, Litecoin, and Solana experienced less than $6 million in liquidations. The largest liquidation occurred on BitMEX on XBT, valued at $5.05 million.

Source: Coinglass

Bitcoin’s price drop comes after a rally over the last three days that saw its value climb back up to almost $31k on April 14, but it fell as low as $26,960 on April 24. The current price of BTC is down to $30k again, with an up of almost 2.9% over the past 24 hours.

BTC/USDT 1 hour-chart on Binance | Source: TradingView

Jump Trading, a prominent market maker, deposited $26.6M worth of BTC to various exchange deposit addresses in the past hour, according to Arkham Intelligence. Most of these funds were sent to Binance, with Jump Trading transferring $23.7M to their BTC deposit address.

The crypto market is notoriously volatile, with sudden price fluctuations being commonplace. However, such large-scale liquidations have the potential to significantly impact traders and investors. It remains to be seen how Bitcoin’s price will behave in the coming days, but market participants will be watching closely for any signs of a sustained upward trend.

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