Why did the cryptocurrency market fall today?

The cryptocurrency market continued to fall over the past 24 hours, with the total market capitalization plummeting to $2.07 trillion (down 8.6% on a daily basis).

Most of the leading digital assets are in the red, with only a few bucking the trend and rising. Bitcoin falls below $55,000

The major cryptocurrency was one of the worst affected. Earlier today (July 5), its price fell below $54,000 for the first time since February. Its plunge negatively impacted numerous over-leveraged traders, while total liquidations surged to nearly $700 million.

Some of the major factors that led to BTC’s fall included the German government’s decision to liquidate a large number of Bitcoin holdings and the upcoming repayments of creditors of the now-defunct cryptocurrency exchange Mt.Gox.

Not long ago, the court-appointed trustee overseeing the company’s bankruptcy proceedings said that it would begin distributing funds to approximately 20,000 investors in July. The process includes the repayment of more than 140,000 Bitcoins (currently worth about $7.7 billion). The exchange has recently transferred more than $2.7 billion to another address.

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Today's plunge, Bitcoin's trading volume is constantly expanding, and the market shows that there are also large funds entering the market to take over.

In this market, we should not worry too much about spot trading. It is the most unwise to cut losses when the market crashes. If there are many callbacks, you should cover your positions. If you don't have a position, just lie down and pull it up. Spot profits are a matter of time. Besides, there is a long-term positive blessing of the halving of the big cake. If the market is to start a big bull market, it will definitely start when the plunge is fully absorbed and everyone is panicking. Will it start a big bull market when everyone is right? Isn't the dog dealer too stupid to let most people make money while they lose money?

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