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bitcoin bitcoin/”>sunken more than 7% in the past 24 hours as the latest cryptocurrency crash triggered over $588 million in long liquidations amid fears of a Mt. Gox sell-off.
bitcoin At 2:25 a.m. EST, the cryptocurrency was trading below the $55,000 mark at $54,269.58, following a day in which digital assets were caught up in a carnage. The overall market capitalization of cryptocurrencies plummeted by 8% and fell below $2 trillion.
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The biggest liquidations since the FTX collapse
According to data from the New York Stock Exchange (NYSE:BNY), more than $588 million in long positions were liquidated in the past 24 hours. Coin crystal Over the same period, short positions worth over $93 million were also liquidated.
A large portion of these liquidations occurred in the past 12 hours and were, overall, the largest to hit the market since the FTX collapse, according to renowned crypto trader Michaël van de Poppe. In a July 5 article, x.com/CryptoMichNL/status/1809093698744987918″>mail On x, he urged his 722,800 followers not to “panic sell.”
This latest cryptocurrency crash was triggered, at least in part, by the defunct cryptocurrency exchange Mt. Gox, after on-chain analytics platform Lookonchain detected a transfer of $2.71 billion worth of btc from the platform’s cold storage wallets. It is feared that its repayments will trigger a sharp sell-off of btc.
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He twitter.com/hashtag/MtGox?src=hash&ref_src=twsrc%5Etfw”>#MtGox Wallet transferred 47,229 twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc ($2.71 billion) 30 minutes ago, possibly in preparation for payment in July. photo.twitter.com/DM4ztdeVV5
— Lookonchain (@lookonchain) twitter.com/lookonchain/status/1809028979778859447?ref_src=twsrc%5Etfw”>July 5, 2024
Meme coins suffer from the impact of the latest cryptocurrency crash
Meme coins was hit particularly hard, with leaders Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), and Bonk (BONK) suffering double-digit percentage losses.
Top 5 meme coins by market cap (Source: CoinMarketCap)
DOGE and SHIB plummeted by over 15% and 14%, respectively. Frog-themed PEPE and Solana’s meme coin WIF also saw their prices fall by 15% and 11%. Meanwhile, BONK was trading at $0.00001956 after losing over 11% of its value.
With the Mt. Gox refund issue weighing on the market, investors may turn to pre-sale tokens that are not yet at the mercy of the open market to take shelter from the storm.
Among the favorites among some analysts at the moment are layer 2 ones. Pepe Unchained (PEPU)which has raised more than $2.3 million in less than three weeks, and Tamagotchi remake PlayDoge (PLAY), which has already raised $5.3 million for its Play-To-Earn meme coin project.
Another notable presale is WienerAI (WAI), an ai meme coin that has amassed over $7 million in funding raised.
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