(Friday 05 July 2024, 04:53 AM GMT):
In the cryptocurrency market, the last 48 hours have been tough for investors. A significant sell-off has caused the price of Notcoin (NOT), a popular Tap-to-Earn project, to drop by 23% in just the last 24 hours. Notcoin is now priced at $0.00958, bringing its market capitalization down to $960 million.
According to Coinglass, investors have lost a total of $5.1 million in liquidations related to Notcoin over the past 24 hours. Out of this, those holding long positions lost $4.1 million, while short position holders lost $951,800.
Two major factors are driving this decline. Firstly, the German government sold $75 million worth of Bitcoin yesterday, as reported by Arkham Intelligence. This large sell-off has put additional downward pressure on Bitcoin’s price. Secondly, the anticipated payouts to creditors of the defunct cryptocurrency exchange Mt. Gox are causing further anxiety in the market. Starting in July, these creditors are expected to receive around 142,000 BTC, valued at approximately $9 billion.
Overall, the crypto market has seen a massive liquidation of $590 million in the last 24 hours, affecting various cryptocurrencies, including Notcoin.