In the last 24 hours, Bitcoin (BTC) has experienced a sharp increase in volatility, with prices fluctuating between $29,000 and $27,000, given the lack of liquidity in the market. This sudden price action has had a significant impact on bulls and bears.
According to Satoshi Club, the rumors of the US government and Mt. Gox sales were initially believed to be true, leading to panic selling among Bitcoin traders. However, it was later confirmed that the data was misclassified, and no such sales were taking place.
The market panic led to liquidating $300 million worth of positions as of this writing and the wiping out of $1 billion in open interest within 24 hours. This was a significant blow to both long and short traders, as many were forced to exit their positions at a loss.
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