Bitcoin experienced a significant drop of over 7% in the last 24 hours, a result of the recent crypto crash that led to long liquidations exceeding $588 million due to concerns surrounding the Mt. Gox selloff.

BTC traded below $55,000 at $54,269.58 by 2:25 a.m. EST, marking a turbulent day for digital assets where the crypto market capitalization fell below $2 trillion, plummeting by 8%.

More than $588 million worth of long positions were liquidated in the past day, alongside over $93 million in short positions, as reported by CoinGlass data. These liquidations, notably the largest since the FTX collapse, were a significant event in the market and raised alarm among traders.

The recent crash was partially triggered by the now-defunct Mt. Gox exchange. Suspicion arose after a substantial $2.71 billion BTC transfer from the exchange's cold storage wallets was flagged by the on-chain analytics platform Lookonchain. This transfer has sparked fears of a potential sharp selloff of BTC, adding to the market uncertainties.

Meme coins, including Dogecoin, Shiba Inu, Pepe, Dogwifhat, and Bonk, experienced notable losses during the market downturn. Dogecoin and Shiba Inu witnessed drops exceeding 15% and 14%, respectively, while Pepe, Dogwifhat, and Bonk also recorded double-digit losses.

As the market remains jittery over the Mt. Gox repayments, some investors are seeking shelter in presale tokens that are shielded from the open market. Notable choices include Pepe Unchained (PEPU) and PlayDoge (PLAY), presale tokens that have raised substantial funds and are viewed favorably by analysts amidst the crypto volatility.

WienerAI (WAI), an AI meme coin, has also garnered considerable attention, having raised over $7 million in funds. These presale tokens offer an alternative investment avenue while the market navigates through the current uncertainties.

For more insights on the crypto market and the impact of recent events, keep up to date with related articles.