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Bitcoin <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">plunged</a> over 7% in the past 24 hours as the latest crypto crash triggered more than $588 million in long liquidations amid Mt. Gox selloff fears.
<a href="https://insidebitcoins.com/news/bitcoin-could-plummet-to-50k-if-joe-biden-exits-presidential-race-soar-to-100k-if-he-remains-standard-chartered-says" rel="noopener noreferrer nofollow">BTC</a> traded below the $55K mark at $54,269.58 as of 2:25 a.m. EST following a day that saw a bloodbath for digital assets. Crypto’s overall market capitalization plummeted 8% to fall below $2 trillion.
<img decoding="async" src="https://altsignals.io/wp-content/uploads/2024/01/5e8116db957e0aa0db31b66a_Top-5-Bearish-Trading-Patterns-In-The-Crypto-Market-2.jpeg" alt="Top 5 Bearish Trading Patterns In The Crypto Market » altsignals.io">
<h2 id="span-style-font-weight-400-largest-liquidations-since-ftx-collapse-span">Largest Liquidations Since FTX Collapse</h2>
More than $588 million in long positions were liquidated over the past 24 hours, according to <a href="https://www.coinglass.com/LiquidationData" rel="noopener noreferrer nofollow">CoinGlass</a> data. During the same period, over $93 million in short positions were liquidated as well.
A large portion of these liquidations took place in the last 12 hours and overall were the largest to hit the market since the collapse of FTX, according to renowned crypto trader Michaël van de Poppe. In a July 5 <a href="https://x.com/CryptoMichNL/status/1809093698744987918" rel="noopener noreferrer nofollow">post</a> on X, he urged his 722.8K followers to not “panic sell.”&nbsp;
This latest crypto crash was triggered at least in part by the defunct crypto exchange Mt. Gox after on-chain analytics platform Lookonchain flagged a $2.71 billion BTC transfer from the exchange’s cold storage wallets. There are fears that its repayments will trigger a sharp selloff of BTC.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 The <a href="https://twitter.com/hashtag/MtGox?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#MtGox</a> wallet transferred out 47,229 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> ($2.71B) 30 minutes ago, possibly in preparation for repayment in July. <a href="https://t.co/DM4ztdeVV5" rel="noopener noreferrer nofollow">pic.twitter.com/DM4ztdeVV5</a>
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1809028979778859447?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 5, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<h2 id="span-style-font-weight-400-meme-coins-take-a-hit-in-latest-crypto-crash-span">Meme Coins Take A Hit In Latest Crypto Crash</h2>
<a href="https://insidebitcoins.com/news/meme-coins-plummet-11-amid-the-crypto-crash-sparking-scramble-to-buy-the-dip" rel="noopener noreferrer nofollow">Meme coins</a> got hit especially hard, with leaders Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF) and Bonk (BONK) all suffering double-digit percentage losses.
<img decoding="async" class="alignnone wp-image-543409" src="https://insidebitcoins.com/wp-content/uploads/2024/07/Screenshot-2024-07-05-084956-300x133.png" alt="crypto crash" width="654" height="290" srcset="https://insidebitcoins.com/wp-content/uploads/2024/07/Screenshot-2024-07-05-084956-300x133.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/07/Screenshot-2024-07-05-084956-1024x453.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/07/Screenshot-2024-07-05-084956-768x340.png 768w, https://insidebitcoins.com/wp-content/uploads/2024/07/Screenshot-2024-07-05-084956.png 1085w" sizes="(max-width: 654px) 100vw, 654px">
Top 5 biggest meme coins by market cap (Source: <a href="https://coinmarketcap.com/view/memes/" rel="noopener noreferrer nofollow">CoinMarketCap</a>)
DOGE and SHIB plummeted more than 15% and 14%, respectively. Frog-themed PEPE and Solana meme coin WIF also saw their prices plunge 15% and 11%. Meanwhile, BONK traded at $0.00001956 after it shed over 11% of its value.
With the Mt. Gox repayments issue hanging over the market, investors might turn to presale tokens that are not yet at the mercy of the open market for shelter amid the storm. 
Among favorites among some analysts right now are the layer-2 <a href="https://insidebitcoins.com/visit/pepeunchained" rel="noopener noreferrer nofollow">Pepe Unchained (PEPU)</a>, which has raised more than $2.3 million in less than three weeks,&nbsp;and Tamagotchi remake <a href="https://insidebitcoins.com/visit/playdoge" rel="noopener noreferrer nofollow">PlayDoge (PLAY),</a> which has already bagged $5.3 million for its Play-To-Earn meme coin project.
Another standout presale is <a href="https://insidebitcoins.com/visit/wienerai" rel="noopener noreferrer nofollow">WienerAI (WAI)</a>, an AI meme coin that has amassed more than $7 million in funds raised.
<h3 id="span-style-font-weight-400-related-articles-span">Related Articles:</h3>
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Bitcoin Slumps 7% As Crypto Crash Triggers $588 Million Liquidations Amid Mt. Gox Selloff Fears

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