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Bitcoin Drops Below $54K as Crypto Liquidations Near $665M

Jul 5, 2024 at 01:30

Bitcoin has fallen to a four-month low, dropping to $53,499 on Coinbase amid the news of Mt. Gox’s recent cold wallet transfer. Around $222 million in long Bitcoin positions were liquidated within the past 24 hours, marking Bitcoin’s lowest point since February.

At approximately 4:19 am UTC on July 5, Bitcoin plummeted to $53,499, according to TradingView. Cryptocurrency liquidations surged to $664.5 million over the past day, the highest in two months, per CoinGlass data.

Bitcoin has since recovered slightly to $54,300, reflecting a 7.4% decrease in the last 24 hours. Other major cryptocurrencies, such as Ether (ETH) and Solana (SOL), also experienced significant drops, with ETH falling below the crucial $3,000 level to $2,898 and SOL dropping nearly 10% on the day.

ETH longs were the second-most liquidated position at nearly $163 million. Source: CoinGlass

The total liquidations over the past 24 hours include $584 million in long positions and nearly $82 million in short positions, with long Bitcoin positions comprising $222 million of the total.

Positive sentiment in the crypto market has hit its lowest point since January 2023, with the Crypto Fear and Greed Index scoring 29 out of 100 on July 5, indicating “Fear.”

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Traders are concerned about the potential sell pressure from the $8.5 billion in Bitcoin creditor repayments by the collapsed exchange Mt. Gox. On July 5, Mt. Gox transferred 47,229 BTC, valued at around $2.6 billion, to a new address in its first major transaction since May.

Adding to the pressure, the German government has sold 7,583 BTC worth $419.5 million since June 19 and still holds 42,274 BTC, worth approximately $2.3 billion.

On July 4, 10x Research analyst Markus Thielen predicted that Bitcoin might fall to $50,000 due to the increasing sell pressure on the cryptocurrency.

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