Binance Square Post: Bitcoin Plunges Below $59k!

SOL and Doge Lead Crypto Bloodbath

Hey Binancians!

Get ready for some not-so-great news. Bitcoin took a nosedive today, dropping below $59,000 for the first time since April.

Fears of selling pressure from the infamous Mt. Gox hack repayments and possible miner sales are spooking investors.

Here's the Breakdown:

Bitcoin (BTC): Down 3.3% in 24 hours.Ether (ETH): Feeling the heat too, down 4%.Solana (SOL) & Dogecoin (DOGE): Leading the losses with an 8% plunge each.Overall Market: The CoinDesk 20 index (tracks major tokens) is down a chunky 4.8%.

But Wait, There's More!

Over $230 million in longs liquidated on futures in the past 24 hours. That means some leveraged traders got burned betting on prices going up.Binance cleaned up the most with over $110 million in liquidations.

Silver Lining (Maybe?)

This liquidation frenzy could indicate a short-term dip in price volatility.Trading firm QCP Capital predicts a subdued market in the next quarter due to Mt. Gox uncertainty. ¯_(ツ)_/¯

Stay tuned for more updates! What are your thoughts on the Bitcoin price drop?

#Bitcoin #Cryptocrash #MtGox #Binance #StaySAFU