The cryptocurrency market is experiencing a significant downturn, with major assets plunging into the red. Bitcoin (BTC)has seen a sharp drop, falling from $60,413 to $57,368 in just 24 hours.
The primary drivers behind this decline are twofold. First, the German government sold $75 million worth of Bitcoin today, as reported by Arkham Intelligence. This substantial sell-off has intensified the downward pressure on Bitcoin’s price. Second, the impending payouts to creditors of the defunct cryptocurrency exchange Mt. Gox are causing further market anxiety. Starting in July, these creditors are expected to receive around 142,000 BTC, valued at approximately $9 billion.
In the past 24 hours, liquidations have surged, with a total of $381 million wiped out from the market. This has affected 131,437 traders. The largest single liquidation was an ETH/USDT order on Binance, valued at $18.48 million. Bitcoin accounted for $115 million of the total liquidations, with $99 million coming from long positions.
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