Crypto Market Plunges as Mt. Gox-Linked Wallet Movements Spook Traders
Major cryptocurrencies experienced a significant drop of up to 20% in the last 24 hours due to movements from a wallet linked to Mt. Gox, causing panic among traders and resulting in a 10% drop in the market on average. Bitcoin fell 8% to below $54,000, erasing all gains since February, while Ether dropped over 10%, and other cryptocurrencies such as Solana's SOL, Cardano's ADA, and Dogecoin also experienced significant drops. This event resulted in over $580 million in liquidations tied to longs, with bullish bets on Bitcoin and Ether alone recording over $300 million in losses. The defunct exchange Mt. Gox's move of sizeable amounts of BTC to a new wallet, potentially preparing for creditor repayments, may add selling pressure to both markets, leading to a subdued Q3 for BTC, according to trading firm QCP Capital.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
SEC’s Secret Bank Exemptions for Crypto Custody: Favoritism or Risk Management?
![](https://img.bitgetimg.com/multiLang/image/social/2f03230981832d75c3512d55a00a23931720790484187.jpg)
Arbitrum DAO Approves $24M Investment in Real-World Assets: Full Breakdown
![](https://img.bitgetimg.com/multiLang/image/social/657c4c9c845cfa9eb49cd873d4e216bb1720790482735.jpg)
Marvel Snap’s new season Maximum Effort will bring Leagues and Alliances
Share link:In this post: The TCG Marvel Snap introduced its new season, Maximum Effect, which will introduce new features to the game. Maximum Effect also kicked off Marvel Snap’s Deadpool Domination event, which runs until August 26 and introduces Deadpool Comics characters to the game. The season kick-off comes before the Deadpool & Wolverine movie debuts in theaters this month.Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based