Mt.Gox Logo

Mt.Gox Crashed the Market, BTC fell to $54K: Checkout Bottom

(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.

Additionally, earlier today, Mt. Gox transferred 47,229 BTC (roughly $2.71 billion) to a wallet identified as 1L7Xb.


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
Source: Coinglass

Where is Bottom?

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.

Comments are closed.