Wednesday, July 30, 2025
  • Login
SB Crypto Guru News- latest crypto news, NFTs, DEFI, Web3, Metaverse
No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • GENERAL
    • ALTCOINS
    • ETHEREUM
    • CRYPTO EXCHANGES
    • CRYPTO MINING
  • BLOCKCHAIN
  • NFT
  • DEFI
  • WEB3
  • METAVERSE
  • REGULATIONS
  • SCAM ALERT
  • ANALYSIS
CRYPTO MARKETCAP
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • GENERAL
    • ALTCOINS
    • ETHEREUM
    • CRYPTO EXCHANGES
    • CRYPTO MINING
  • BLOCKCHAIN
  • NFT
  • DEFI
  • WEB3
  • METAVERSE
  • REGULATIONS
  • SCAM ALERT
  • ANALYSIS
No Result
View All Result
SB Crypto Guru News- latest crypto news, NFTs, DEFI, Web3, Metaverse
No Result
View All Result

Bitcoin Drops Below $59K Amid Fears of Mt. Gox Liquidations and Miner Sales

by SB Crypto Guru News
July 4, 2024
in Ethereum
Reading Time: 2 mins read
0 0
A A
0


Fears of impending selling pressure from the defunct Mt. Gox exchange and potential miner sales pushed Bitcoin (BTC) under $59,000 on Thursday, marking its lowest level since late April. The anticipation of asset distributions from Mt. Gox, set to begin in July 2024, has contributed to the market’s anxiety.

Market Impact and Liquidations

Mt. Gox, which experienced a major hack in 2014, will start distributing assets to its clients next year. These repayments, made in Bitcoin (BTC) and Bitcoin Cash (BCH), are expected to exert significant selling pressure on both markets. In the past 24 hours, Bitcoin has lost 3.3%, according to CoinGecko data, with the sell-off starting shortly after the Tokyo equity markets opened.

Major cryptocurrencies also saw declines amid Bitcoin’s weakness. Ethereum (ETH) dropped 4%, while Solana (SOL) and Dogecoin (DOGE) fell as much as 8%. The broad-based CoinDesk 20 (CD20), which tracks the largest tokens, is down 4.8% in the past 24 hours.

Futures Market and Liquidations

Futures trades betting on higher prices saw significant liquidations, with over $230 million lost in the past 24 hours, according to CoinGlass data. BTC and ETH-tracked futures each experienced over $60 million in long liquidations, while products tracking DOGE, SOL, XRP, and PEPE recorded at least $4 million in losses.

These liquidations are the highest for long traders since late June. Binance  saw the most liquidations among crypto exchanges, totaling over $110 million. Liquidations occur when an exchange forcefully closes a trader’s leveraged position due to a partial or total loss of the initial margin. This happens when a trader cannot meet the margin requirements for a leveraged position, resulting in insufficient funds to keep the trade open.

Such data is useful for traders as it indicates leverage being effectively washed out from popular futures products, acting as a short-term signal of a decline in price volatility.

Market Outlook

Trading firm QCP Capital expressed a cautious outlook for the coming months. In a Thursday broadcast on Telegram, they stated, “We anticipate a subdued Q3 for BTC as the market remains uncertain around the supply from the Mt. Gox release.”

The looming distributions from Mt. Gox and ongoing miner sales are creating a cloud of uncertainty in the market. As Bitcoin and other major cryptocurrencies face this selling pressure, the market could see continued volatility and downward trends.

Featured Image: Freepik

Please See Disclaimer



Source link

Tags: 59KBitcoinBitcoin NewsCrypto NewsCrypto UpdatesDropsFearsGoxLatest News on CryptoLiquidationsminersalesSB Crypto Guru News
Previous Post

Bitcoin Falls to Two-Month Low Amid Election Uncertainty and Mt. Gox Sales

Next Post

Real Vision Analyst Says One Metric for Layer-1 Crypto Assets Flashing Bullish Following Altcoin Correction

Related Posts

Celebrating 10 years of Ethereum! 🥳

Celebrating 10 years of Ethereum! 🥳

by SB Crypto Guru News
July 30, 2025
0

It’s been 10 years since Ethereum launched and changed what blockchains can do. From smart contracts and NFTs to DeFi...

Checkpoint #5: July 2025 | Ethereum Foundation Blog

Checkpoint #5: July 2025 | Ethereum Foundation Blog

by SB Crypto Guru News
July 29, 2025
0

Ethereum’s weekly All Core Developer calls are a lot to keep up with, so this "Checkpoint" series aims for high-level...

Wormhole token in metamask

Wormhole token in metamask

by SB Crypto Guru News
July 28, 2025
0

Good morning guys. I was going through my metamask and discovered this coin which can be seen in the screenshot...

Allocation Update – Q2 2025

Allocation Update – Q2 2025

by SB Crypto Guru News
July 23, 2025
0

Community & educationAppconSliceEvent designed to introduce Ethereum applications and experiences to a non-crypto audience, hosted during Milan Design Week in...

Ethereum just hit an all-time high in daily gas usage!

Ethereum just hit an all-time high in daily gas usage!

by SB Crypto Guru News
July 22, 2025
0

149,673,860,000 gas used on July 21, 2025 - the most ever recorded in a single day. Let’s break down what...

Load More
Next Post
Real Vision Analyst Says One Metric for Layer-1 Crypto Assets Flashing Bullish Following Altcoin Correction

Real Vision Analyst Says One Metric for Layer-1 Crypto Assets Flashing Bullish Following Altcoin Correction

Bitcoin Cash Faces Greater Selling Pressure Than Bitcoin from Mt. Gox Redemptions

Bitcoin Cash Faces Greater Selling Pressure Than Bitcoin from Mt. Gox Redemptions

Facebook Twitter LinkedIn Tumblr RSS

CATEGORIES

  • Altcoin
  • Analysis
  • Bitcoin
  • Blockchain
  • Crypto Exchanges
  • Crypto Updates
  • DeFi
  • Ethereum
  • Metaverse
  • Mining
  • NFT
  • Regulations
  • Scam Alert
  • Uncategorized
  • Web3

SITE MAP

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - SB Crypto Guru News.
SB Crypto Guru News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • GENERAL
    • ALTCOINS
    • ETHEREUM
    • CRYPTO EXCHANGES
    • CRYPTO MINING
  • BLOCKCHAIN
  • NFT
  • DEFI
  • WEB3
  • METAVERSE
  • REGULATIONS
  • SCAM ALERT
  • ANALYSIS

Copyright © 2022 - SB Crypto Guru News.
SB Crypto Guru News is not responsible for the content of external sites.