Main navigation

Bitcoin Crashes to $27,000, $183 Million Liquidated. What's Behind Dramatic Plunge?

Wed, 04/26/2023 - 20:46
article image
Alex Dovbnya
In a sudden and dramatic turn of events, Bitcoin's value plummeted to an intraday low of $27,242, erasing its recent gains and leaving the market in a state of shock.
Bitcoin Crashes to $27,000, $183 Million Liquidated. What's Behind Dramatic Plunge?
Cover image via
Read U.TODAY on
Google News

Bitcoin experienced a dramatic crash, falling to an intraday low of $27,242 on the Bitstamp exchange at 20:02 UTC.


The tumble came after the cryptocurrency had briefly reclaimed the $30,000 mark earlier today, following a sharp decline in First Republic Bank shares and the escalating banking crisis. This downturn has wiped out the recent gains made by the digital asset.

According to data from CoinGlass, liquidations over the past hour totaled $183.29 million, with long positions making up $161.21 million (87.96%) and short positions accounting for $22.07 million.

Solana Wallet Phantom Extends Support for Ethereum and Polygon
Among the major exchanges, Binance saw $62.63 million in liquidations with 92.44% of them being long positions, while OKX experienced $54.13 million in liquidations, 88.15% of which were long positions.

The drop in Bitcoin's value coincided with an alert from Arkham about both Mt. Gox and US government wallets making transactions.

The alert has garnered significant attention on Twitter, with speculation running wild. 

It is worth noting that the connection between these transactions and the Bitcoin crash is still unclear, but the timing suggests a possible correlation.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at