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Is Mt. Gox Behind $1.18 Billion Crypto Liquidations? Here’s What Happened

The cryptocurrency market experienced a significant decline in prices, leading to billions of dollars in liquidations. This crash was triggered by Jerome Powell's negative stance on crypto following the Fed rate cut and the transfer of $100 million worth of Bitcoin by Mt. Gox. Mt. Gox recently transferred $102.5 million worth of Bitcoin in three transactions, which has had a major impact on the market. The defunct exchange still holds a large amount of Bitcoin that it needs to distribute to its creditors. This bearish sentiment has caused fear among traders and investors, resulting in $1.18 billion worth of liquidations. Bitcoin, Ethereum, XRP, and Solana have all experienced significant drops in the past 24 hours.

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