Bitcoin Tumbles as Wild Crypto Market Swing Causes $310M Losses From Liquidations

The CoinDesk Market Index (CMI), which tracks the performance of the broader crypto market, plummeted 5.6% in an hour.

AccessTimeIconApr 26, 2023 at 9:17 p.m. UTC
Updated Apr 26, 2023 at 9:26 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Crypto markets tumbled suddenly Wednesday afternoon, erasing gains from the previous 24 hours in less than an hour.

The CoinDesk Market Index (CMI), which tracks the performance of the broader crypto market, plummeted 5.6% in an hour, and has been currently trading 1.3% lower than 24 hours ago.

Bitcoin (BTC), the largest cryptocurrency by market capitalization, was recently trading at about $28,275, up a fraction of a percentage point but down from its peak early Wednesday above $30,000. BTC sank as low as $27,264 later in the day.

Ether (ETH) was recently trading at $1,855, down slightly. The second-largest crypto in market value soared as high as $1,984 before dipping to a low of $1,789 Wednesday afternoon – its lowest price since the first part of April.

Traders endured some $310 million of losses from liquidations in the past 24 hours, according to Coinglass data, as the wild swing in crypto prices liquidated both long and short positions.

Blockchain analysis firm Arkham Intelligence noted that crypto trading giant Jump Trading deposited $26.6 million of BTC to exchanges before prices tumbled. Sending tokens to exchanges usually indicates an intention to sell.

Crypto liquidations (Coinglass)
Crypto liquidations (Coinglass)

Edited by James Rubin.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Krisztian  Sandor

Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.