Bitcoin, Ethereum, Dogecoin Struggle As Mt Gox Repayments Begin: Crypto Analyst Says BTC ‘Could Drop To $47,000 From Here’

Global crypto markets fell on Friday following the Mt. Gox repayments, Germany’s bitcoin relocation and a surge in short-selling liquidations.

Cryptocurrency price Profit +/-
Bitcoin BTC/USD $56,499 -3%
Ethereum ETH/USD $2,984.6 -4.9%
Solana Sol/USD $134.7 +0.9%
Dogecoin DOGE/USD $0.1041 +-3.2%
Shiba Inu SHIB/USD $0.00001457 -3.9%

Notable statistics:

  • According to data from IntoTheBlock, Bitcoin showed strength across key metrics, with large-scale trading volume increasing by 14.8% and net inflows to exchanges surging by 259.7%. Daily trading volumes over $100,000 also increased.
  • According to data from Coinglass, short liquidations reached their highest level ($132 million) since May 20. In the past 24 hours, 206,505 traders were liquidated, bringing total crypto liquidations to $582.02 million.
  • Whale Alert data A dormant address holding 20 BTC (worth $1.1 million) was discovered to have been activated for the first time in 11.1 years.

Notable developments:

Mt Gox begins repaying creditors for the first time in 10 years

Crypto billionaire Justin Sun suggests buying Bitcoin off-market from German government to minimize impact on price, lawmakers accuse authorities of selling

Bitcoin Bull Mike Novogratz Turns to Reagan as Biden Candidate Questions Raise: ‘Power is a Strange Drug’

Amid Bitcoin Crash, Peter Schiff Predicts Prolonged Bear Market: “Don’t Say I Didn’t Warn You HODLers”

Top losers:

Cryptocurrency price Profit +/
core Core/US Dollar $0.8809 -16.5%
Oldie ORDI/USD $27.89 -14.3%
arbitration ARB/USD $0.6221 -12.3%
Trader Notes: Fred Krueger In his latest prediction, he highlighted that the Bitcoin equation could be heading for an epic short squeeze. “We will likely need to cover a significant amount of BTC shorts in the coming weeks, although this is unknown,” he added.

Prominent crypto trader Flow Horse revealed that he made profits from short selling over the past two days, with a target of $52,000.

Founder and CEO, Cryptoquant Ki Young-ju To tell He suggested that the government’s sale of seized bitcoin was overvalued and that this needed to stop the trade from collapsing.

In another tweet, Yeongju Predicted He expects the bull market to continue into early next year, adding that “spot traders would be wise to DCA with the understanding that it could fall from here to $47,000.”

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Market news and data provided by Benzinga API

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