Bitcoin Plunges Under $59K as Crypto Bulls See $230M Liquidations
Why did Bitcoin drop below $59,000 recently?
Bitcoin dropped below $59,000 due to fears of sell pressure from Mt. Gox repayments and possible miner sales. Mt. Gox, a defunct exchange, will start distributing assets stolen from clients in a 2014 hack in July 2024, which could add selling pressure to the bitcoin market. This uncertainty led to a decline in bitcoin's price and increased liquidations.
What caused Solana's SOL and dogecoin to lead losses?
Solana's SOL and Dogecoin leading losses can be attributed to several factors, including fears of sell pressure from Mt. Gox repayments and possible miner sales affecting the broader cryptocurrency market, a weak macroeconomic sentiment, and systemic risk from within the crypto industry. These factors contributed to a plunge in crypto prices, with SOL and DOGE experiencing significant declines.
How much did the CoinDesk 20 index fall by?
The CoinDesk 20 index fell by 4.8% in the past 24 hours, driven by fears of sell pressure from Mt. Gox repayments and possible miner sales. This decline led to over $230 million in liquidations for futures trades betting on higher prices.