(Friday 05 July 2024, 08:10 AM GMT):
The cryptocurrency market has experienced a significant sell-off in the last 48 hours. Bitcoin’s price has dropped over 7.13%, landing at $54,370. Ethereum has also seen a sharp decline, falling 9.85% to $2,877 in the past 24 hours.
The primary cause of this decline is the lingering with Mt. Gox. According to Arkham Intelligence, Mt. Gox sold 1,545 BTC (about $84 million) on the BitBank exchange just 4 hours ago.
![](https://coinsprobe.com/wp-content/uploads/2024/07/BTC-TRANSACTION.jpeg)
Additionally, earlier today, Mt. Gox transferred 47,229 BTC (roughly $2.71 billion) to a wallet identified as 1L7Xb.
![](https://coinsprobe.com/wp-content/uploads/2024/07/GRry0-AWUAAUlqx.jpeg)
Derivatives trading has also been impacted. Data from Coinglass shows that in the past 24 hours, total liquidations across the entire network have reached $676 million. A significant portion of this, $578 million, were long orders.
![BTC-Liquidation Chart](https://coinsprobe.com/wp-content/uploads/2024/07/BTC-Liquidation-.png)
Where is Bottom?
![](https://coinsprobe.com/wp-content/uploads/2024/07/BTCUSD_2024-07-05_13-27-33.png)
The next bottom of Bitcoin will be at $51,000 price level where we can anticipate a possible recovery from this bearish trend.
Investors are closely watching these transactions, as the market continues to respond to the large influx of Bitcoin from Mt. Gox.