Affected by the latest cold wallet transfer news of Mt.Gox, the price of Bitcoin, the first decentralized cryptocurrency, fell to $53,717, the lowest level since February this year.
According to CoinMarketCap, the price of Bitcoin fell to $53,717 at 4:20 a.m. (UTC) on July 5, hitting its lowest level since late February. However, it is worth noting that although the price of Bitcoin has recovered slightly and is trading at over $54,241, it is still down 7.68% in the past 24 hours.
The decline was not limited to Bitcoin, with other popular cryptocurrencies such as Ethereum and Solana also falling by nearly 10% in a single day. This volatility has led to a significant increase in cryptocurrency liquidations, which reached $585 million in the past 24 hours according to CoinGlass — the highest figure in the past 2.5 months.
Of the total liquidations, long positions accounted for $510 million, while short positions were just over $79 million. It is worth noting that BTC long positions alone were worth $193.19 million, so the majority of the planned activity could have been executed.
Sentiment in the cryptocurrency market has also turned decidedly negative, with the Crypto Fear & Greed Index falling to 29 out of 100 on July 5, indicating widespread “fear” among investors. The downturn in sentiment marks the lowest point since January 2023.
Market trends such as the large-scale transfer of Bitcoin by Mt.Gox indicate that the digital currency market continues to be volatile and investors' concerns persist.
