Coinspeaker
Bitcoin (BTC) Plummets 8% amid $685M Crypto Liquidations
The crypto market endured a brutal 24 hours on July 5th, 2024, with over $685 million in liquidations as Bitcoin (BTC) plunged below $54,250. This sharp sell-off coincides with continued movements by defunct exchange Mt. Gox, which is preparing a payout to creditors.
Mt. Gox Shakes Confidence
Bitcoin prices tumbled by 7.89% to $54,258. This drop came amidst ongoing concerns surrounding Mt. Gox. The defunct exchange recently moved a significant amount of Bitcoin – roughly $2.7 billion worth – as it gears up for creditor payouts scheduled for early July.
Photo: CoinMarketCap
Analysts believe this movement by Mt. Gox may be a key driver of the market’s volatility. Peter Chung, head of research at Presto Research, said:
“The selling pressure may be stronger for BCH than BTC. […] Given BCH doesn’t have a strong investor base like BTC, the [Mt. Gox] creditors will proba
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