At 20:02 UTC, Bitcoin witnessed a severe plunge, dropping to an intraday low of $27,242 on the Bitstamp platform.
Following a significant decrease in First Republic Bank shares and the developing financial crisis, the Bitcoin fell after it had earlier today temporarily recaptured the $30,000 milestone. The recent gains gained by the digital asset have been erased by this slump.
Data from CoinGlass shows that liquidations reached $183.29 million in the previous hour, with long holdings accounting for $161.21 million (87.96%) and short positions for $22.07 million.
Among the biggest exchanges, Binance saw liquidations totaling $62.63 million, with 92.44% of those being long holdings, while OKX saw liquidations totaling $54.13 million, with 88.15% of those being long positions.
A warning from Arkham concerning transactions being made between Mt. Gox and US government accounts coincided with the decline in the value of Bitcoin.
The notice has received a lot of attention on Twitter, where rumours are flying.
Although the relationship between these transactions and the Bitcoin fall is not yet obvious, the timing raises the possibility of one.
