(Thursday 04 July 2024, 03:03 PM GMT):
Today, the cryptocurrency market is painted red, with major cryptocurrencies seeing significant drops. Bitcoin (BTC) has led this downward trend, plummeting from $60,413 to $57,368 in the last 24 hours.
Two main factors are contributing to this sharp decline. First, the German government moved $75 million worth of Bitcoin today, according to Arkham Intelligence. This large sell-off has added downward pressure on the price. Second, creditors of the collapsed cryptocurrency exchange Mt. Gox are expected to start receiving their payouts in July. These payouts will include around 142,000 BTC, worth about $9 billion, further increasing market anxiety.
$381 Million Wiped Out:
In the last 24 hours, the market saw a total liquidation amount of $381 million, affecting 131,437 traders as per coinglass. The largest single liquidation occurred on Binance, with an ETH/USDT order worth $18.48 million. Bitcoin alone accounted for $115 million of these liquidations, with $99 million coming from long positions.
This significant market movement highlights the volatility and risks inherent in cryptocurrency trading, reminding investors to stay cautious.
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