Suche
Mein Konto
Bitcoin recovers 5% from false alarm panic dump
On April 26, more than $200 million was liquidated in less than an hour. The move sent Bitcoin prices plunging 8% to around $27,200. Around 90% of the liquidations were long positions CryptoPotato. The entire crypto market took a hit as the total capitalization fell to $1.20 trillion with around $70 billion being withdrawn. However, the asset quickly recovered during the Asian trading session on Thursday, April 27. BTC had gained 5% from its intraday low and was around $29,000 at the time of writing. Fake News Panic Selling Panic selling was caused by...
Bitcoin recovers 5% from false alarm panic dump
On April 26, more than $200 million was liquidated in less than an hour. The move sent Bitcoin prices plunging 8% to around $27,200.
Around 90% of the liquidations were long positionsCryptoPotato. The entire crypto market took a hit as the total capitalization fell to $1.20 trillion with around $70 billion being withdrawn.
However, the asset quickly recovered during the Asian trading session on Thursday, April 27. BTC had gained 5% from its intraday low and was around $29,000 at the time of writing.
Panic Selling on Fake News
The panic selling was caused by fake alerts from blockchain analytics firm Arkham Intelligence, which tweeted that Bitcoin wallets linked to the US government and seizures had been revived by the Mt. Gox hack.
The warnings spread across crypto Twitter with high-profile accounts post: “Berg. Gox and US Govt Wallets Transact.”
“Bitcoin fell -9% just minutes after Mt. Gox wallets became active for the first time in 7 years,” Sent the WhaleWire account to its 500,000 followers.
However, the news turned out to be a false alarm, as Arkham and other crypto traders confirmed.
Based on our labels at @glassnode Neither the USG nor Mt Gox issue coins from addresses we monitor.
Stay safe out there folks. https://t.co/1B8gUVKjon pic.twitter.com/O5CZ0VtrYh
— _Checkɱate 🔑⚡🌋☢️🛢️ (@_Checkmatey_) April 26, 2023
Additionally, it was noted that these US government-controlled wallets would eventually take action and potentially liquidate the assets.
Today was a false alarm.
But at some point in the near future, the US government + Mt. Gox #Bitcoin will move.
Be prepared if this happens.
— Miles Deutscher (@milesdeutscher) April 26, 2023
Crypto market recovery
At the time of writing, the majority of crypto assets were recovering. More than $50 billion had returned to markets, bringing the total cap back to $1.25 trillion.
However, markets have remained range-bound since falling from 2023 highs of $1.34 trillion on April 16.
Today's dump and pump was just an outlier, but it clearly shows the impact fake news or social media alerts can have on crypto markets.
.