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The leading cryptocurrency, Bitcoin, fell below $61,000 and with this drop, approximately $100 million of BTC long positions were liquidated in the last 24 hours. This shows that the bears are taking control of the market.
According to data from CoinGlass, bullish derivative investors of all cryptocurrencies lost a total of $260 million in the last 24 hours. In contrast, derivative investors who shorted their assets faced fewer losses; Short liquidations amounted to only $25 million.
A large portion of these long position liquidations occurred at Mt. Gox custodian’s announcement that creditors will start paying Bitcoin and Bitcoin Cash next week. In the last 4 hours, long liquidations on all assets reached $110 million. Currently, the price of Bitcoin is at $60,855, which is one of the lowest levels in the last 24 hours. Bitcoin last saw these price levels in mid-May and has fallen close to 12% in the last 30 days.
Bitcoin Cash (BCH) experienced an even more serious decline and decreased by 9% in the last 24 hours, falling to $ 350. BCH has lost almost 30% of its value in the last 30 days. Both BTC and BCH are traded in Mt. Gox will be distributed to its creditors. However, this process may take some time because the completion date for the repayments of all creditors is set as October 31, 2024.
These declines in the prices of Bitcoin and Bitcoin Cash, Mt. Gox is associated with the expectation that payments to its creditors will cause excess supply in the market. This pressure in the market negatively affects especially bullish derivative investors and can change market dynamics.
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