In the cryptocurrency market, the past 48 hours have seen a sharp downturn, particularly impacting Notcoin $NOT, a notable Tap-to-Earn project from $TON ecosystem. the coin's price has dropped by 23% in the last 24 hours alone, now trading at $0.00958, with its market capitalization dipping to $960 million.
Coinglass data reveals that investors have incurred significant losses, totaling $5.1 million in liquidations related to Notcoin during this period. Long positions accounted for losses of $4.15 million, while short positions lost $951,800.
The decline in Notcoin's value can be attributed to several factors. Firstly, the German government's sale of $75 million worth of Bitcoin, as reported by Arkham Intelligence, exerted downward pressure on the broader cryptocurrency market. Additionally, anxiety surrounding the forthcoming payouts to creditors of the defunct cryptocurrency exchange Mt. Gox has further contributed to market instability. Starting this July, creditors are expected to receive approximately 142,000 BTC, valued at about $9 billion.
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