Fears of sell pressure from Mt. Gox repayments and possible miner sales led to bitcoin dropping below $59,000, with major tokens like ether and Solana's SOL also declining.
Mt. Gox will start distributing assets stolen from clients in a 2014 hack in July 2024, after years of postponed deadlines. The repayments will be made in bitcoin and bitcoin cash , and could add selling pressure to both markets, as For long traders, these liquidations were the highest since late June. Crypto exchange Binance took over $110 million in liquidations, the most among counterparts.
Such data is beneficial for traders as it serves as a signal of leverage being effectively washed out from popular futures products – acting as a short-term indication of a decline in price volatility.
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