The market originally expected Bitcoin to rebound in July, but the market's optimism was hit again yesterday. BTC plummeted to $59,570 at around 18:00 yesterday evening (3rd). Although it once rebounded to more than $60,000, it fell again at around 5 a.m. today (4th), falling to a low of $57,535.
The price of Bitcoin fell again to $57,610 this morning, down 7.4% in the past 24 hours.
In the past 24 hours, the entire network liquidated $220 million
In the repeated washing of Bitcoin, according to Coinglass data, in the past 24 hours, the total amount of cryptocurrency liquidations exceeded $220 million (long positions accounted for $200 million), and nearly 90,000 people were liquidated.
What is the reason for the market crash?
In response to the plunge below the 60,000 mark yesterday evening, Charles Edwards, founder of Capriole Fund, published an article on X in the evening, citing the on-chain changes of Bitcoin and speculating that the main reason for this decline is likely to be that the exchange Mt. Gox has begun to repay the creditors' Bitcoin, which has triggered market selling pressure.
Mt. Gox, once the world's largest Bitcoin exchange, was hacked in 2014 and 850,000 Bitcoins were stolen. Now, after 10 years of bankruptcy litigation and several delays, compensation is finally being carried out. It is expected that before October this year, Mt. Gox will pay 142,000 BTC and 143,000 BCH to creditors.
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