**Bitcoin Dips Below $54K Amid $665M Crypto Liquidation Surge**
Bitcoin has plummeted to a four-month low of $53,499 on Coinbase following news of Mt. Gox's recent cold wallet transfer, triggering a sharp market reaction.
Over the past 24 hours, approximately $222 million in long Bitcoin positions were liquidated, contributing to a total crypto liquidation tally of $664.5 million—the highest in two months, as reported by CoinGlass.
The decline, which began around July 5 at 4:19 am UTC, marks Bitcoin's lowest point since late February, according to TradingView. Despite a modest recovery to $54,300, down 7.4% over the past day, the market remains volatile. Ether and Solana also saw significant drops, with ETH dipping below the critical $3,000 threshold to $2,898.20.
In this turbulent climate, investors are advised to stay informed and exercise caution amidst fluctuating market conditions.