Bitcoin

DeFi

Update July 5, 4:30 am UTC: This article has been updated after Bitcoin fell under $54,000, adding new information and updating figures throughout. 
Bitcoin hit a four-month low of $53,499 on Coinbase as news of Mt. Gox’s latest cold wallet transfer hit the markets.
Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) plummeted at around 4:19 am UTC on July 5, hitting its lowest level since late February, <a href="https://www.tradingview.com/chart/9TERcreT/?symbol=COINBASE%3ABTCUSD" target="_blank" rel="noopener nofollow">according</a> to TradingView. Additionally, cryptocurrency liquidations have surged to $664.5 million over the past 24 hours, the highest in two months, <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener nofollow">according</a> to data from&nbsp;CoinGlass.
Bitcoin has slightly recovered to $54,300, down around 7.4% in the last 24 hours.
Other highly traded cryptocurrencies, including Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) and Solana’s (<a href="https://cointelegraph.com/solana-price-index">SOL</a>), also saw almost 10% drops on the day. ETH dropped to $2,898, below the key $3,000 level that it held since mid-May, <a href="https://pro.cointelegraph.com/coins/ethereum">according</a> to Cointelegraph Markets Pro.
Crypto liquidations over the past 24 hours include $584 million in&nbsp;<a href="https://cointelegraph.com/learn/crypto-derivatives">longs</a>&nbsp;and almost $82 million in<a href="https://cointelegraph.com/learn/a-beginners-guide-on-how-to-short-bitcoin-and-other-cryptocurrencies"> shorts</a>, with long BTC positions making up $222 million of the total.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/7c56e5d9-4a48-4ac4-b501-e5f22aa2f201.png" alt="" title="">
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 ETH longs were the second-most liquidated position at nearly $163 million. Source: CoinGlass
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</figure>
Positive sentiment toward crypto has also hit its lowest point since January 2023. The Crypto Fear and Greed Index reflected a <a href="https://alternative.me/crypto/fear-and-greed-index/" target="_blank" rel="noopener nofollow">score</a> of 29 out of 100 on July 5, showing the market is experiencing “Fear.”
Related: <a href="https://cointelegraph.com/news/bitcoin-traders-express-optimism-even-as-btc-price-targets-shift-lower">Bitcoin traders express optimism even as BTC price targets shift lower</a>
Traders are spooked by possible sell pressure expected to come from $8.5 billion in <a href="https://cointelegraph.com/news/mt-gox-bitcoin-transfer-9-6b-creditor-repayment-2024">Bitcoin creditor paybacks</a><a href="https://cointelegraph.com/news/mt-gox-bitcoin-transfer-9-6b-creditor-repayment-2024"></a> by the collapsed crypto exchange Mt. Gox.
On July 5, the exchange transferred 47,229 BTC, worth around $2.6 billion, to a new address in its first major move since May.
The <a href="https://cointelegraph.com/news/german-mp-urge-government-stop-selling-bitcoin">German government has added to the&nbsp;pressure</a><a href="https://cointelegraph.com/news/german-mp-urge-government-stop-selling-bitcoin"></a>, selling 7,583 BTC worth $419.5 million since June 19. It still holds 42,274 BTC, which is worth around $2.3 billion.
On July 4, 10x Research analyst Markus Thielen said he expects Bitcoin to <a href="https://cointelegraph.com/news/bitcoin-crash-50k-10x-research-warning">fall as low as $50,000</a> due to selling pressure on the cryptocurrency.
X Hall of Flame: <a href="https://cointelegraph.com/magazine/spot-ethereum-etf-ether-price-bitcoin-patrick-scott-dynamo-defi-hall-of-flame/">Ethereum’s recent pullback could be a gift — Dynamo DeFi</a>

Bitcoin drops below $54K as crypto liquidations near $665M

Cointelegraph

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