Bitcoin (BTC) has hit its lowest level since February, triggering panic selling among investors. However, Blockstream CEO Adam Back urges traders to buy the dip. This panic is due to the liquidation of the German government's Bitcoin holdings and the expectation that Mt. Gox creditors will also sell their repayments. Cryptocurrency liquidations in the past 24 hours have exceeded $665 million, the highest in two months. Analysts predict Bitcoin could drop to $50,000. Other cryptocurrencies like Ether (ETH), BNB (BNB), Solana (SOL), XRP (XRP), Dogecoin (DOGE), Toncoin (TON), Cardano (ADA), Avalanche (AVAX), and Shiba Inu (SHIB) have also seen significant price drops.