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Bitcoin Bounces Back 5% From False Alarm Panic Dump

On April 26, more than $200 million was liquidated in less than an hour. The move sent Bitcoin prices crashing 8% in a fall to around $27,200. Around 90% of the liquidations were long positions, according to CryptoPotato. The entire crypto market took a beating, with around $70 billion exiting as total capitalization fell to $1.20 trillion. However, the asset rapidly recovered during the Asian trading session on Thursday, April 27. Bitcoin had regained 5% since its intraday low to trade at around $29,000 at the time of writing. The panic selling was caused by fake alerts from blockchain analytics firm Arkham Intelligence.

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