Bitcoin Crashes Back to $35k Triggering $367 Million in Liquidations

Bitcoin (BTC) plummeted back to $35,100 on Tuesday after briefly rallying as high as $38,000 late last week.

The collapse has triggered over $367 million in liquidations across the crypto market in the past 24 hours.

• According to Coinglass, over $200 million in liquidations have occurred in the past hour alone.
• Across the day, over 103,000 traders have been liquidated, with the largest being a BTC-USDT swap on OKX valued at $9.45 million.
• Bitcoin started the day trading for roughly $36,700, pumping in response to better-than-expected U.S. CPI data. However, it trades for roughly $35,400 at writing time.
• Bitcoin traded at an 18-month high of $37,800 last Thursday as excitement over a potential spot Bitcoin ETF approval in the United States continued to rage.
• However, JP Morgan analysts warned at the time that the rally might be overdone and that the actual impact of an ETF on Bitcoin’s price may be less than expected.
• Since the pump, asset management giant BlackRock has also filed for a spot Ethereum ETF, which subsequently brought Ether (ETH)’s price above $2000. As of Tuesday, ETH trades down 6% at $1,974.