Bitcoin falls to $55K as crypto liquidations breach $580M
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.
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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
SEC drops its probe into Hiro's Stacks Blockchain, according to a regulatory filing
Quick Take The SEC has dropped its investigation into Hiro’s Stacks Blockchain, according to a regulatory filing posted on Friday. The SEC also dropped a separate investigation against Paxos following a probe into stablecoin Binance USD.
Bitcoin miner Bitfarms sets vote date on Riot's attempted takeover step
Bitfarms has set Oct. 29 as the date for a special meeting of its shareholders in response to a requisition for a shareholders’ meeting submitted by Riot Platforms.Bitfarms’ shareholders will vote on reconstituting Bitfarms’ board of directors, the latest step in Riot’s attempted takeover of its bitcoin mining rival.
US lawmakers push for hostage designation in Binance exec’s detention in Nigeria
Quick Take Two U.S. congressmen, Rich McCormick and French Hill, have submitted a resolution to the House Committee on Foreign Affairs, urging the U.S. government to declare the detention of Binance executive Tigran Gambaryan in Nigeria as a hostage situation. The resolution calls for the Nigerian government to immediately release Gambaryan, a U.S. citizen, citing his deteriorating health in Kuje Prison.
SEC allows certain firms to skirt controversial crypto accounting bulletin
Quick Take Some firms have proposed business practices that the SEC agrees could exempt them from controversial crypto accounting guidance, according to an SEC source. Firms have consulted with the SEC on crypto policies since SAB 121 was released. The SEC allows exemptions with proven procedures and technology for customer crypto recovery in bankruptcies.
