Bitcoin faces severe selling pressure, dropping under $53,500 as Mt. Gox begins repayments to creditors. Significant market volatility led to liquidations totaling $589 million.
If Bitcoin doesn’t recover to $61,000, it risks falling further to $48,000 with no immediate support in sight.
The world’s largest cryptocurrency Bitcoin (BTC) faces severe selling pressure falling under $53,500 as Mt. Gox begins repayment to creditors. As of press time, Bitcoin is trading 4.89% down at $55,037 with a market cap of $1.084 trillion, extending the weekly losses to more than 10.5%.
Bitcoin and broader crypto market volatility have led to significant liquidations, totaling $589 million, with over $511 million in long positions and $78 million in shorts. Remarkably, nearly $100 million was liquidated within the past hour alone.
Despite this, Avinash Shekhar, CEO of crypto derivatives exchange Pi42, highlighted in an interview with BeInCrypto that such price volatility presents opportunitie
