Bitcoin (BTC) experienced sudden volatility in the past 24 hours, resulting in the liquidation of $175 million worth of positions and effectively wiping out $1 billion in open interest. The largest liquidation order happened on BitMEX, a bitcoin/tether trade valued at $6 million. Rumours of bitcoin sales from the US government and beleaguered crypto exchange Mt. Gox may have further impacted prices, but such data alerts were later confirmed to be misclassified by on-chain firm Arkham Intelligence. Bitcoin has since recovered to regain the $29,000 level, with $200 million in open interest added. Ether (ETH), dogecoin (DOGE), and Cardano (ADA) have also followed bitcoin's slight recovery. (Coindesk)
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