2024

Bitcoin

Million

Arkham

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The crypto market has experienced its second largest liquidation event of all time today, with almost $700 million in long orders wiped out overnight. This occurred as&nbsp;<a href="https://u.today/michael-saylor-and-bitcoin-grilled-by-peter-schiff">Bitcoin's price</a> plunged below $54,000, leading to a cascade effect that has further destabilized the market.&nbsp;
Large liquidations like these not only depress prices but also trigger investor panic, exacerbating the sell-off and leading to even more liquidations. The current market situation appears grim, with experts predicting a slower recovery compared to the past.
In the midst of this mess, a jaw-dropping&nbsp;<a href="https://twitter.com/whale_alert/status/1809189855550640281?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1809189855550640281%7Ctwgr%5E1a9a51bdebfdcb2051f2b1c54091d25af354bcc5%7Ctwcon%5Es1_c10&amp;ref_url=https%3A%2F%2Fpublish.twitter.com%2F%3Furl%3Dhttps%3A%2F%2Ftwitter.com%2Fwhale_alert%2Fstatus%2F1809189855550640281">transfer</a> has raised eyebrows, as a transaction involving 11,302 BTC, equivalent to $624 million, was detected moving between unknown wallets. This large-scale transfer has added to the unease among investors, already jittery from the market's wild ride.
<blockquote>
 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 11,302 <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> (624,427,119 USD) transferred from unknown wallet to unknown wallet<a href="https://t.co/xdFHAk0yKr">https://t.co/xdFHAk0yKr</a>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1809189855550640281?ref_src=twsrc%5Etfw">July 5, 2024</a>
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The timing of this transfer also coincided with the FUD surrounding large-scale sales by entities such as&nbsp;<a href="https://u.today/former-mt-gox-ceo-breaks-silence-on-141686-bitcoin-payback">Mt. Gox</a> paybacks and the German and U.S. governments. The movement of such a substantial amount of&nbsp;<a href="https://u.today/microstrategys-michael-saylor-reacts-to-btc-price-slump">Bitcoin</a> in this climate has only fueled speculation about the intentions behind the transfer and its potential impact on market stability.
<img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="c837fb87-285d-43f8-8863-d201a866833c" src="https://u.today/sites/default/files/inline-images/bitcoinnn_0.png">BTC to USD by <a href="https://coinmarketcap.com/currencies/bitcoin/">CoinMarketCap</a>
However, in a surprising twist, Arkham has identified these wallets as belonging to BitMEX, one of the leading and oldest crypto exchanges.
As the market navigates such a chaotic timeline, the actions of major players and the perception of investors will be critical in determining the trajectory of cryptocurrency prices in the near future.

Bitcoin Witnesses Crazy $624 Million Mystery: What Happened?

U_Today

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