Bitcoin drops below $54K as crypto liquidations near $665M
Approximately $222 million in long Bitcoin positions were liquidated in the last 24 hours, as BTC's price reached its lowest level since February.
Bitcoin hit a four-month low of $53,499 on Coinbase following news of Mt. Gox’s latest cold wallet transfer impacting the markets.
BTC began its decline around July 5 at 4:19 am UTC, reaching its lowest point since late February, according to TradingView. Meanwhile, crypto liquidations surged to $664.5 million over the past 24 hours, the highest in two months per CoinGlass. Bitcoin has since slightly recovered to $54,300, down around 7.4% in the last 24 hours.
Other major cryptocurrencies, including Ether and Solana, also experienced near 10% drops. ETH fell to $2,898.20, dipping below the key $3,000 level it had maintained since mid-May, according to Cointelegraph Markets Pro.
Crypto liquidations in the past 24 hours included $584 million in long bets and almost $82 million in shorts, with long BTC positions accounting for $222 million of the total.