Bitcoin price dropped to $53,717 on Friday, its lowest since February this year, following news of Mt. Gox’s latest cold wallet transfer of 47,228 BTCs worth $2.71 Billion.
This drop, observed at Bitcoin’s lowest level since late February, was recorded at $53,717 on July 5 at 4:20 am UTC, according to CoinMarketCap data. It is, however, worth noting that the cryptocurrency has slightly recovered to trade above $54,241 but remains 7.68% down in the last 24 hours.
The downturn was not only seen in Bitcoin, but other popular cryptocurrencies such as Ether and Solana also fell by nearly 10% in a single day. This volatility led to a massive increase in crypto liquidations, reaching $585 million in the past 24 hours – the highest figure in the last 2.5 months, as per CoinGlass.
Among the total liquidations, long positions were at $510 million, while the figure was slightly above $79 million for short positions. Notably, long BTC positions alone were valued at $193.19 million of the liquidation volume, making it possible to carry out the majority of the planned activities.
Sentiment in the crypto market has also turned notably negative, with the Crypto Fear & Greed Index hitting a low of 29 out of 100 on July 5, indicating widespread “Fear” among investors. This sentiment downturn marks the lowest point since January 2023.
The large transfer of Bitcoins by Mt. Gox and other market movements point to continued fluctuations and concern among investors in the digital currency markets.
Also Read: Mt. Gox Transfers 47,228 Bitcoin Worth $2.71B to New Address
