Around $193 million in long Bitcoin positions were liquidated in the past 24 hours, with the price of BTC hitting its lowest point since February.
Bitcoin hit a four-month low of $55,011 on Coinbase as news of Mt. Gox’s latest cold wallet transfer hit the markets.
BTC hit its low on July 5, 3:11 am UTC on the Coinbase crypto exchange — its lowest level since late February, per TradingView. At the same time, crypto liquidations have climbed to a staggering $588 million over the past 24 hours.
It’s now slightly recovered to above $55,239, down 3% in the last 24 hours.
Other highly-traded cryptocurrencies, including Ether and Solana, also saw near 10% drops on the day.
It led to a total of $588 million in liquidations across the crypto market, the highest in over two and half months, according to CoinGlass.
Crypto liquidations over the past 24 hours include $510 million in long bets and almost $79 million in shorts, with long BTC positions making up $193.19 million of the total.
ETH longs were the second most liquidated position at nearly $127 million. Source: CoinGlass
Positive sentiment toward crypto has also hit its lowest point since January 2023, with the Crypto Fear & Greed Index reflecting a score of 29 out of 100 on July 5, showing the market is experiencing “Fear.”
