Bitcoin, Ethereum, Dogecoin in Full Meltdown: Mt.Gox Moves $2.7B To New Wallet, Analysts Fear Decline to $51K

The cryptocurrency market experienced a significant downturn on Thursday, with Bitcoin, Ethereum, and Dogecoin all taking a hit. The cause of this massive sell-off was the movement of $2.7 billion worth of Bitcoin by Mt. Gox, a defunct cryptocurrency exchange, from a cold wallet to a new wallet. This raised concerns among investors about a potential sell-off.

Bitcoin, the world’s largest digital asset, plummeted to the $57,000 zone, its lowest point since February 28. Ethereum also crashed to a six-week low, erasing all gains made since mid-May. Dogecoin saw a steep decline of 13.03%.

The sell-offs led to the largest wave of liquidations since mid-April, with $541.45 million in future contracts wiped out in the last 24 hours. Bitcoin’s Open Interest dropped by 7%, indicating a bearish sentiment among investors.

Popular cryptocurrency analyst Ali Martinez warned of further downside for Bitcoin, stating that a close below $57,000 could spell trouble, with potential support only at $51,000. However, analyst Rekt Capital offered a more positive outlook, suggesting that Bitcoin could peak around mid-September or mid-October 2025.

Overall, the global cryptocurrency market cap fell by 6.06% in the last 24 hours, standing at $2.09 trillion. Investors are now looking ahead to the release of June jobs data as markets prepare to open after the Fourth of July break.

Despite the current fear in the market, some analysts see this as a buying opportunity for bold dip buyers. The Cryptocurrency Fear & Greed Index flashed a “Fear” signal, indicating bearish sentiment among investors. However, opportunities may arise for those willing to take risks in the volatile crypto market.