Liquidations in the Cryptocurrency Market Today and the Mt. Gox Impact. đ€
Today's minor downturn in the cryptocurrency market has particularly affected leveraged long position investors.*
The decrease in Bitcoin prices triggered a significant wave of liquidations in derivative markets.
According to Coinglass data, over $220 million in liquidations occurred, with $160 million stemming from long positions.
Liquidations in Bitcoin and Other Cryptocurrencies:
The majority of liquidations occurred in Bitcoin, totaling $36.4 million.
Other major cryptocurrencies like Ethereum, Solana, and ORDI were also impacted.
Liquidations amounted to $28.5 million in Ethereum, $20.2 million in Solana, and $8.3 million in ORDI.
Impact of the Mt. Gox Incident on the Market:
Some of the market volatility is attributed to claims that Mt. Gox has started reimbursing its creditors.
Mt. Gox, once the largest exchange in the industry, suffered a massive attack in 2014, resulting in the theft of 850,000 Bitcoins.
The ongoing legal process since the incident estimates the current value of the stolen Bitcoins at around $36 billion.
