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Home News Crypto

Bitcoin Crashes Below $59K: $230M in Liquidations Rock Crypto Market

by Team Lumida
July 4, 2024
in Crypto, Digital Assets
Reading Time: 3 mins read
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three Bitcoins on soil

Photo by Dmytro Demidko on Unsplash

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Key Takeaways

  1. Bitcoin fell below $59,000 amid fears of Mt. Gox repayments.
  2. Major tokens like Solana and Dogecoin saw significant losses.
  3. Over $230 million in futures liquidations occurred in 24 hours.

What Happened?

Bitcoin plunged under $59,000 for the first time since late April, driven by fears of selling pressure from Mt. Gox repayments and potential miner sales. Major cryptocurrencies like Ether, Solana’s SOL, and Dogecoin also suffered, with the CoinDesk 20 index down 4.8%.

According to CoinGecko data, Bitcoin lost 3.3% in the past 24 hours, and CoinGlass reported over $230 million in futures liquidations. Binance led with over $110 million in liquidations. Futures trades betting on higher prices saw the highest liquidations since late June.

Why It Matters?

The decline in Bitcoin and other major tokens signifies a potential shift in market sentiment. Mt. Gox’s impending asset distribution could flood the market with Bitcoin and Bitcoin Cash, increasing selling pressure.

This creates uncertainty, particularly as trading firm QCP Capital predicts a subdued market for the next quarter. Liquidations serve as a short-term indicator of leverage being purged from the market, suggesting a decrease in price volatility but also highlighting market fragility.

What’s Next?

Investors should brace for continued volatility as Mt. Gox begins distributing stolen assets starting this month. The market may experience further declines, especially if miner sales add to the selling pressure. Keeping an eye on liquidation data can provide insights into leverage dynamics and potential market stabilization.

The upcoming months may see subdued trading volumes and cautious market behavior, as indicated by QCP Capital’s forecast.

Source: Coindesk
Tags: BitcoinMt. Gox
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Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

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