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.
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