- Bitcoin dropped over 7% to $54,370 while Ethereum fell 9.85% to $2,877 in the past 24-48 hours due to Mt. Gox selling pressure.
- Mt. Gox sold 1,545 BTC ($84 million) on BitBank and transferred 47,229 BTC ($2.71 billion) to another wallet, causing market panic.
- Total crypto liquidations reached $676 million in 24 hours, with $578 million from long positions being forced to close.
- Analysts predict Bitcoin's next bottom could be around $51,000 where a potential recovery from the bearish trend may begin.
(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.
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.
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