Fears of looming selling pressure on bitcoin (BTC) from defunct exchange Mt. Gox and possible miner sales pushed the largest cryptocurrency to under $59,000 on Thursday for the first time since late April.
Mt. Gox will start distributing assets stolen from clients in a 2014 hack in July 2024, after years of postponed deadlines, adding selling pressure to both BTC and BCH markets.
Futures trades saw over $230 million in losses in the past 24 hours, with significant liquidations in BTC, ETH, DOGE, SOL, XRP, and PEPE token products.
Binance recorded the most liquidations, over $110 million, with long traders facing the highest liquidations since late June.
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