Bears appear to be in control of the market, as the leading cryptocurrency Bitcoin has dropped below the $61,000 mark. As it has, nearly $100 million worth of BTC longs have been wiped out in the past 24 hours.
Bullish derivatives traders of all cryptocurrencies—not just Bitcoin—have seen their wealth erode to the tune of $260 million in the past 24 hours, according to derivatives analytics platform CoinGlass.
In stark contrast, derivatives traders who shorted assets saw minor losses, as short liquidations now stand at just $25 million.
A large portion of these long liquidations have taken place since an announcement from the Mt. Gox trustee announcing that creditors will begin receiving their Bitcoin and Bitcoin Cash next week. In the past 4 hours alone, long liquidations across all assets stood at $110 million.
Bitcoin Dives to $61,000 as Mt. Gox Says BTC Repayments Begin Next Week
More than a decade after losing their funds, Mt. Gox creditors will start receiving repayments in Bitcoin and Bitcoin Cash commencing in early July, according to a note by Mt. Gox Rehabilitation Trustee Nobuaki Kobayashi. The note suggests that compliance measures and exchange cooperation have already taken place. “We have taken time to ensure safe and reliable repayment to creditors, including technical remedies for safe repayments, compliance with financial regulations in each country, and dis...
Currently, the price of Bitcoin sits at $60,855, which is near the lowest it’s been in the past day. BTC has not seen these price levels since mid-May. In the past 30 days, Bitcoin has dropped by almost 12%.
Bitcoin Cash, however, has been impacted even more severely, as BCH is down to $350, a decrease of 9% in the past 24 hours. The coin is down nearly 30% in the past 30 days.
Both BTC and BCH will be disbursed to Mt. Gox creditors. The process, however, may take a while as the deadline to repay all creditors is set for Oct. 31, 2024.
Bitcoin Dips 3.5% as German Government Sells $325 Million BTC Over Two Days
Bitcoin slumped on Friday morning, with its price dropping about 3.5% over the past 24 hours to around $64,700 as volatility fears came home to roost. In the last hour alone, Bitcoin has lost nearly 1.2% of its value, extending a troubling trend that has seen it dip nearly 9% over the past two weeks. Many believe the slump was triggered by German authorities dumping seized Bitcoin assets. Europe’s biggest economy recently began selling off portions of a hefty stockpile of Bitcoin valued at about...
Making matters worse for investors is the fact that German authorities have continued selling Bitcoin, which they seized from movie piracy site Movie2k. Last week, the German authorities sold $325 million worth of BTC, while they had nearly $3 billion worth of BTC in their possession.
Ethereum, the leading smart-contract Layer-1 blockchain, witnessed a 5% price drop as ETH long liquidations hit nearly $60 million in the past 24 hours.
Last week, a report indicated that $3,200 to $3,400 are 'lines-in-the sand' for ETH. A drop from $3,200 could thus likely prove further downside, as sell pressure from institutional investors could intensify.
The only coins that bucked the trend in the top 100 coins by market capitalization are LEO and FTM, which are up 1.1% and 0.5%, respectively.
Edited by Stacy Elliott.
