While Bitcoin fell below $61 thousand, the $100 million situation became liquidity

Leading cryptocurrency Bitcoin , fell below $61,000, and with this decline, approximately $100 million of BTC long positions became liquid in the last 24 hours. This shows that the bears are taking control of the market.

According to data from CoinGlass, bullish derivative investors of all cryptocurrencies lost a total of $ 260 million in the last 24 hours. However, derivative investors who shorted their assets faced less losses, with short liquidations amounting to only $25 million.

A large portion of these long position liquidations occurred at Mt. Gox custodian, creditors Bitcoin and BitcoinCash This followed his announcement that he would start payments next week. Long liquidations on all assets reached 110 million dollars in the last 4 hours. Currently, Bitcoin’s price is at $60,855, which is one of the lowest levels in the last 24 hours. Bitcoin last saw these price levels in mid-May and has fallen close to 12% in the last 30 days.

Bitcoin Cash (BCH) It experienced an even more significant decline and decreased by 9% in the last 24 hours, falling to $ 350. BCH has lost almost 30% value in the last 30 days. Both BTC and BCH are traded in Mt. Gox will be distributed to its creditors. However, this process may take some time because the deadline for completing the repayments of all creditors is set as October 31, 2024.

These declines in the prices of Bitcoin and Bitcoin Cash, Mt. Gox is associated with the expectation that payments to its creditors will cause excess supply in the market. This pressure in the market negatively affects especially bullish derivative investors and can change market dynamics.

This news was first published on the Coin Engineer website.