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Bitcoin Crashes Below $50K as Mt. Gox Begins $9B Repayments

Bitcoin plunged 22% to $48,150 today as defunct exchange Mt. Gox started distributing 140,000 BTC to creditors. The selloff liquidated $2.1 billion in leveraged positions, dragging Ethereum (-18%) and Solana (-27%) down with it.

Crypto-related stocks got hammered:
• Coinbase (COIN): -14%
• MicroStrategy (MSTR): -23%
• Bitcoin miners (RIOT, MARA): -30%+

Market makers report thin liquidity as traders brace for potential further distributions. The $50,000 level is now critical support – a sustained break could trigger another 15-20% drop.

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