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Home»ADOPTION NEWS»Cryptocurrency markets see daily liquidations of $665 million as Bitcoin plunges below $55,000
ADOPTION NEWS

Cryptocurrency markets see daily liquidations of $665 million as Bitcoin plunges below $55,000

By Crypto FlexsJuly 5, 20243 Mins Read
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Cryptocurrency markets see daily liquidations of 5 million as Bitcoin plunges below ,000
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Cryptocurrency markets have seen more than $665 million liquidated in the past 24 hours, with Bitcoin under massive selling pressure while Mt. Gox continues to move to pay out.

Bitcoin Bitcoin

-7.60%
At the time of publication, it had fallen 7.4% over the last 24 hours to $54,422. Bitcoin price page on the block. The price drop occurred after a cryptocurrency exchange was closed. Moved about $2.7 billion worth of Bitcoin. We are preparing to make payments to our creditors starting early this month.

A total of 230,541 traders were liquidated over the last 24 hours, bringing the total liquidation volume across centralized exchanges to $665.8 million. data From Coinglass.

Bitcoin was the leading cryptocurrency in liquidations, with over $222.1 million liquidated in the last 24 hours. Of these Bitcoin liquidations, around $181.8 million were long positions.

Ether also faced significant liquidations, with $163.4 million liquidated, of which $143.3 million were long positions. According to The Block’s price page, Ether’s price fell 10.57% over the last 24 hours to $2,890.

Crypto liquidation occurs when a trader is forced to liquidate a position in the cryptocurrency market due to significant losses or insufficient margin to meet maintenance requirements.

On Thursday night, Mt Gox transferred 47,228.7 BTC ($2.71 billion) to a wallet address, which then sent 2,702 BTC back and transferred 44,527 BTC to another address. data According to blockchain tracker Arkham, a few hours later, another address associated with Mt Gox moved 1,545 BTC ($85 million) to a hot wallet on Bitbank, Arkham data showed.

Peter Chung, head of research at Presto Research, said BCH could face stronger selling pressure than BTC. “Since BCH does not have a strong investor base like BTC, (Mt Gox) creditors will likely try to cash out immediately, just like with other airdrops.”

“The volatility and sell-off period doesn’t change the core thesis of bitcoin,” Ben Casselin, chief marketing officer of VALR, a Pantera-backed crypto exchange, told The Block. “If we’re lucky, we could see prices in the low 50,000s or slightly lower for a couple of weeks… But there’s no fundamental change in market structure and the current price action is really only a concern for short-term speculators.”


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, influential and timely information on the cryptocurrency industry. Below are the current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

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