Bitcoin's 8% Drop Leads to $580M in Crypto Liquidations: Ether, Solana, Dogecoin also Plummet

Money | July 5, 2024, 3:14 a.m.

Mt. Gox, the once-defunct exchange, has transferred a large amount of Bitcoin to a new wallet, signaling a potential preparation for creditor repayments. After delaying deadlines for years, Mt. Gox is finally set to distribute assets stolen from clients in a 2014 hack this month. These repayments will be in Bitcoin and Bitcoin Cash, which could potentially create selling pressure in both markets. Investors should be cautious as the influx of these cryptocurrencies could impact their value. The move by Mt. Gox raises questions about the future of the cryptocurrency market and highlights the ongoing struggles in the industry.