Hassan Maishera
TL;DR
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BTC has dropped below the $59k mark, suffering its worst loss this week.
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Long traders lost more than $230 million as bears took control of the market.
BTC Drops Below $59k as Bulls Failed to Defend $60k
The cryptocurrency market suffered huge losses on Wednesday, with the prices of most coins and tokens currently in the red. Bitcoin, the leading cryptocurrency by market cap is down by almost 4% in the last 24 hours.
The poor performance saw BTC drop to the $58,300 region late on Wednesday. However, it has slightly recovered and is currently trading at $58,819 per coin. Market analysts believe that the fear of sell pressure from Mt. Gox repayments and possible miner sales were the major catalysts behind Bitcoin’s dump below $59k.
Mt. Gox will start distributing assets stolen from clients in a 2014 hack in July 2024, with the repayments to be done in Bitcoin (BTC) and Bitcoin Cash (BCH).
According to liquidations data tracked by CoinGlass, long futures traders betting on higher prices lost over $230 million over the last 24 hours. BTC and ETH futures recorded over $60 million in liquidations each. The liquidations were highest on Binance, with $110 million lost by long traders on the crypto exchange.
Altcoins also suffered huge losses over the last 24 hours. Ether is down by nearly 5% and is currently trading at $3,206 per coin. Solana is the worst performer amongst the top 10, losing 9% of its value and dropping below $135.
BNB, XRP, ADA, DOGE, and TON are all down by 4% or more over the last 24 hours. With that poor performance, the total cryptocurrency market cap now stands at $2.17 trillion, down by 4%.
