-The initial speculation pinned the blame on Mt Gox but the wallets have not registered any movements
Bitcoin [BTC], the largest cryptocurrency in the market, continued on its upward trajectory in the first half of 26 April. However, this momentum came crashing down in a matter of minutes. The coin had broken past the $30,000 barrier and reached a high of $31,050 on Coinbase. But, this gain was lost within minutes with the coin crashing to a low of $27,230 on the American exchange.According to CoinMarketCap, at press time, BTC was trading at $27,607.55 with a market cap of $543 billion. The trade volume of the king coin was over $29 billion. And, it had registered a loss of over 5% in the past hour after its dramatic crash.
Moreover, the BTC Long/Short ratio on Coinglass shows that the short positions for the coin have overtaken the long positions. The ratio, at press time, in the 30-minute chart is 0.83:1, with the short positions making up 54.72% of the market. Meanwhile, the long positions consisted of only 45.28% of players in the market.The sudden crash resulted in the market speculating on the reason behind the action.