Apr 27, 2023

Bitcoin Plunges 7% After False Mt. Gox Alert

The price of Bitcoin (BTC) experienced a sudden and steep decline of 7% in just one hour, falling from $29,850 to $27,789. The source of this flash crash was initially reported to be a false alert sent out by blockchain analytics firm Arkham Intelligence, which stated that wallets linked to Mt. Gox and the U.S. government had begun shifting large sums of Bitcoin. However, Arkham later clarified that the alert was sent out accurately in this case, and that the crash occurred before the alert was sent out.

The sudden decline in prices wreaked havoc on the derivatives market, with the total sum of liquidations for crypto market participants topping $211 million at present. Bitcoin traders accounted for nearly $97 million worth of these liquidations.

At the time of writing Bitcoin is trading for $28,378, up 0.25% in the last 24 hours according to data from the Cointelegraph Price Index.

The exact cause of the crash is still unknown, though data published by Twitter user IT Tech suggests that there were no transfers from the wallets associated with Mt. Gox. Additionally, data from blockchain explorer Blockchain.com shows an inbound transaction worth only $0.19 which was still processing at the time of writing.

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The crypto market’s flash crash also highlights the importance of understanding the risks associated with investing in cryptocurrency. While there are many potential benefits to investing in crypto, it is important to be aware of the potential risks, and to do your own research before investing.

Cointelegraph reached out to Arkham CEO Miguel Morel for clarification on the matter but has yet to receive a response.

Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.