Bitcoin Slumps 7% As Crypto Crash Triggers $588 Million Liquidations Amid Mt. Gox Selloff Fears

Bitcoin


plunged

over
7%
in
the
past
24
hours
as
the
latest
crypto
crash
triggered
more
than
$588
million
in
long
liquidations
amid
Mt.
Gox
selloff
fears.

BTC

traded
below
the
$55K
mark
at
$54,269.58
as
of
2:25
a.m.
EST
following
a
day
that
saw
a
bloodbath
for
digital
assets.
Crypto’s
overall
market
capitalization
plummeted
8%
to
fall
below
$2
trillion.

Largest
Liquidations
Since
FTX
Collapse

More
than
$588
million
in
long
positions
were
liquidated
over
the
past
24
hours,
according
to


CoinGlass

data.
During
the
same
period,
over
$93
million
in
short
positions
were
liquidated
as
well.

A
large
portion
of
these
liquidations
took
place
in
the
last
12
hours
and
overall
were
the
largest
to
hit
the
market
since
the
collapse
of
FTX,
according
to
renowned
crypto
trader
Michaël
van
de
Poppe.
In
a
July
5


post

on
X,
he
urged
his
722.8K
followers
to
not
“panic
sell.” 

This
latest
crypto
crash
was
triggered
at
least
in
part
by
the
defunct
crypto
exchange
Mt.
Gox
after
on-chain
analytics
platform
Lookonchain
flagged
a
$2.71
billion
BTC
transfer
from
the
exchange’s
cold
storage
wallets.
There
are
fears
that
its
repayments
will
trigger
a
sharp
selloff
of
BTC.

The

#MtGox
wallet
transferred
out
47,229

$BTC
($2.71B)
30
minutes
ago,
possibly
in
preparation
for
repayment
in
July.

pic.twitter.com/DM4ztdeVV5

—
Lookonchain
(@lookonchain)

July
5,
2024

Meme
Coins
Take
A
Hit
In
Latest
Crypto
Crash

Meme
coins

got
hit
especially
hard,
with
leaders
Dogecoin
(DOGE),
Shiba
Inu
(SHIB),
Pepe
(PEPE),
Dogwifhat
(WIF)
and
Bonk
(BONK)
all
suffering
double-digit
percentage
losses.

Top
5
biggest
meme
coins
by
market
cap
(Source:


CoinMarketCap)

DOGE
and
SHIB
plummeted
more
than
15%
and
14%,
respectively.
Frog-themed
PEPE
and
Solana
meme
coin
WIF
also
saw
their
prices
plunge
15%
and
11%.
Meanwhile,
BONK
traded
at
$0.00001956
after
it
shed
over
11%
of
its
value.

With
the
Mt.
Gox
repayments
issue
hanging
over
the
market,
investors
might
turn
to
presale
tokens
that
are
not
yet
at
the
mercy
of
the
open
market
for
shelter
amid
the
storm.

Among
favorites
among
some
analysts
right
now
are
the
layer-2


Pepe
Unchained
(PEPU),
which
has
raised
more
than
$2.3
million
in
less
than
three
weeks, and
Tamagotchi
remake


PlayDoge
(PLAY),
which
has
already
bagged
$5.3
million
for
its
Play-To-Earn
meme
coin
project.

Another
standout
presale
is

WienerAI
(WAI),
an
AI
meme
coin
that
has
amassed
more
than
$7
million
in
funds
raised.

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