Cryptocurrency markets have seen more than $665 million liquidated in the past 24 hours, with Bitcoin under massive selling pressure while Mt. Gox continues to move to pay out.
Bitcoin Bitcoin
-7.60%
At the time of publication, it had fallen 7.4% over the last 24 hours to $54,422. Bitcoin price page on the block. The price drop occurred after a cryptocurrency exchange was closed. Moved about $2.7 billion worth of Bitcoin. We are preparing to make payments to our creditors starting early this month.
A total of 230,541 traders were liquidated over the last 24 hours, bringing the total liquidation volume across centralized exchanges to $665.8 million. data From Coinglass.
Bitcoin was the leading cryptocurrency in liquidations, with over $222.1 million liquidated in the last 24 hours. Of these Bitcoin liquidations, around $181.8 million were long positions.
Ether also faced significant liquidations, with $163.4 million liquidated, of which $143.3 million were long positions. According to The Block’s price page, Ether’s price fell 10.57% over the last 24 hours to $2,890.
Crypto liquidation occurs when a trader is forced to liquidate a position in the cryptocurrency market due to significant losses or insufficient margin to meet maintenance requirements.
On Thursday night, Mt Gox transferred 47,228.7 BTC ($2.71 billion) to a wallet address, which then sent 2,702 BTC back and transferred 44,527 BTC to another address. data According to blockchain tracker Arkham, a few hours later, another address associated with Mt Gox moved 1,545 BTC ($85 million) to a hot wallet on Bitbank, Arkham data showed.
Peter Chung, head of research at Presto Research, said BCH could face stronger selling pressure than BTC. “Since BCH does not have a strong investor base like BTC, (Mt Gox) creditors will likely try to cash out immediately, just like with other airdrops.”
“The volatility and sell-off period doesn’t change the core thesis of bitcoin,” Ben Casselin, chief marketing officer of VALR, a Pantera-backed crypto exchange, told The Block. “If we’re lucky, we could see prices in the low 50,000s or slightly lower for a couple of weeks… But there’s no fundamental change in market structure and the current price action is really only a concern for short-term speculators.”
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