Arkham Intelligence has denied that its alerts played any part in the drastic downturn which caused $200 million in liquidations and a 7% nosedive in the price of Bitcoin.
According to data from blockchain explorer Blockchain.com, a Bitcoin address believed to be the U.S. government’s wallet for Silk Road hack funds did witness a transaction on April 26. However, it was an inbound transaction worth only $0.19 which was still processing at the time of writing.
Regardless of what caused the flash crash, the sudden and steep decline in prices wreaked havoc on the derivatives market, with the total sum of liquidations for crypto market participants topping $211 million at present. Bitcoin traders accounted for nearly $97 million worth of these liquidations.
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