CRYPTO MARKET CRASHES AS BITCOIN DROPS BELOW $56,000😳😳😳‼️‼️
The crypto market is experiencing a significant downturn, with Bitcoin leading the decline. The price of Bitcoin has dropped below $56,000, resulting in a 4% loss in the last 24 hours. This drop has triggered a broader market sell-off, with altcoins like Ethereum, Solana, and Toncoin experiencing losses of 5% or more.
Meme coins like DOGE, SHIB, and PEPE are also struggling, with losses ranging from 7% to 13%. The crypto market is experiencing a bearish trend, with liquidations totaling $111 million on Sunday and an additional $75 million on Monday.
The Bitcoin hashrate drawdown has reached critical levels, similar to those seen in December 2022, which could indicate a potential price shift. However, the ongoing Mt. Gox payout scheme is causing market jitters, as creditors will receive Bitcoin or Bitcoin Cash in the next few weeks or months, potentially leading to a massive supply dump.
As a result, the crypto market is expected to continue its bearish trend this week, with potential further losses and liquidations.
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