🔥Crypto market took a hit!🔥 Bitcoin and Ether traders faced over $380M in losses as crypto majors plunged up to 20% in 24 hours. The largest single liquidation? An $18.4M ETH trade on Binance. 😱

Why the tumble? Movements from a Mt. Gox-linked wallet spooked traders, sending the market spiraling down 10% on average. Bitcoin fell 8%, Ether dropped 10%, and Dogecoin dived nearly 18%.

This resulted in over $580M in liquidations tied to longs, one of the largest events this year. Open interest also dropped 12%, indicating money was leaving the market.

The trigger? Mt. Gox moved sizeable amounts of BTC to a new wallet, potentially prepping for creditor repayments. This could add selling pressure to both markets.

What's your take on this? Do you think the market will recover soon or is this a sign of a longer downturn? Let's discuss in the comments! 🚀 #CryptoNews #Bitcoin #Ether