Crypto markets tumble as Mt. Gox-linked Bitcoin moves. $580M liquidations were recorded, with Bitcoin and Ether seeing major losses. Traders expect a subdued Q3.
Crypto markets experienced significant turbulence as Bitcoin and other major cryptocurrencies saw sharp declines. The market downturn was triggered by movements from a Mt. Gox-linked wallet, leading to substantial liquidations and a bearish outlook for the upcoming months.
Key Points:
Major Price Drops: Bitcoin fell 8% to below $54,000, erasing gains since February. Ether, Solana, Cardano, and Dogecoin also saw substantial losses.
Massive Liquidations: Over $580 million in long positions were liquidated, with Bitcoin and Ether accounting for over $380 million of these losses.
Mt. Gox Influence: Movements from a Mt. Gox-linked wallet spooked the market, as the exchange prepares for creditor repayments.
Market Reaction: The largest single liquidation occurred on Binance, with an $18.4 million ETH trade.
Future Outlook: Analysts predict a subdued market in the coming months due to the uncertainty surrounding Mt. Gox repayments.
The recent market plunge highlights the volatility and sensitivity of the crypto market to large transactions and historical events. As the Mt. Gox repayment process unfolds, traders remain cautious, anticipating further market impacts and potential selling pressure.
Source: Coindesk
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