🚨Crypto Alert!🚨 The cryptocurrency market is in a bit of a tailspin, folks! In the last 24 hours, total capitalization has plummeted to a low of $2.07 trillion, a daily decrease of 8.6%. 😱

Our beloved Bitcoin (BTC) is among the worst hit, slipping below $54,000 for the first time since February. This downfall has negatively impacted many over-leveraged traders, with total liquidations surging to almost $700 million. 😰

The German government's decision to liquidate a substantial amount of its Bitcoin holdings and the impending repayment of creditors of the now defunct crypto exchange Mt. Gox are among the factors contributing to BTC's retreat. 📉

The trustee overseeing Mt. Gox's bankruptcy proceedings has said distributions to the roughly 20,000 investors will begin in July, which includes the repayment of over 140,000 BTC (currently worth approximately $7.7 billion). This could lead to a significant increase in Bitcoin supply and drive prices down even further. 😔

Altcoins are faring even worse, with Ripple (XRP), Binance Coin (BNB), Cardano (ADA), and many others charting more substantial losses than BTC. The meme coin sector is also deep in the red, losing almost 20% of its total market capitalization. 😞

Despite this, some cryptocurrencies (part of the top 100 club) have seen their prices going up in the last 24 hours. Fasttoken (FTN) is up 3%, while Leo Token (LEO) has risen by a mere 1%. 📈

Stay tuned, crypto enthusiasts! Let's see if BTC can bounce back in the coming days or if the bears will continue to suppress the valuation. 🐻📉 vs 🐂📈.