Bitcoin falls to $55K as crypto liquidations breach $580M

Avatar

Bitcoin (BTC) hit a four-month low of $55,011 on Coinbase as news of Mt. Gox’s latest cold wallet transfer hit the markets. 

BTC hit its low on July 5, 3:11 am UTC on the Coinbase crypto exchange — its lowest level since late February, per TradingView. At the same time, crypto liquidations have climbed to a staggering $588 million over the past 24 hours. 

It’s now slightly recovered to above $55,239, down 3% in the last 24 hours.

Other highly-traded cryptocurrencies, including Ether (ETH) and Solana (SOL), also saw near 10% drops on the day.

It led to a total of $588 million in liquidations across the crypto market, the highest in over two and half months, according to CoinGlass.

Crypto liquidations over the past 24 hours include $510 million in long bets and almost $79 million in shorts, with long BTC positions making up $193.19 million of the total.

ETH longs were the second most liquidated position at nearly $127 million. Source: CoinGlass

Related: Bitcoin traders express optimism even as BTC price targets shift lower

Positive sentiment toward crypto has also hit its lowest point since January 2023, with the Crypto Fear & Greed Index reflecting a score of 29 out of 100 on July 5, showing the market is experiencing “Fear.”

X Hall of Flame: Ethereum’s recent pullback could be a gift — Dynamo DeFi

This is a developing story, and further information will be added as it becomes available.