Bitcoin on-chain data confirms that the current correction represents the second-largest liquidation event in BTC’s history. Base meme coin market capitalization dipped over 25% in the wake of the market-wide decline in crypto prices. German government’s Bitcoin transfers and anticipation surrounding Mt.Gox payback have likely fueled the decline in BTC and altcoins. Bitcoin derivatives traders faced over $226 million in liquidation in the past 24 hours, according to Coinglass data.
The correction in the largest crypto-asset by market capitalization ushered in a decline in altcoins and different categories of tokens. According to on-chain data, the ongoing liquidation is the second-largest event in Bitcoin’s history, following the FTX collapse in November 2022. The recent correction is likely triggered by market-moving events like German government Bitcoin transfers and Mt.Gox repayment to creditors in July. Base meme coins erased 25.
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