{"id":24387,"date":"2024-07-05T13:30:00","date_gmt":"2024-07-05T10:30:00","guid":{"rendered":"https:\/\/coinengineer.io\/?p=24387"},"modified":"2024-07-05T09:32:12","modified_gmt":"2024-07-05T06:32:12","slug":"crypto-market-turmoil-bitcoin-falls-to-february-lows-liquidations-surge","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/crypto-market-turmoil-bitcoin-falls-to-february-lows-liquidations-surge\/","title":{"rendered":"Crypto Market Turmoil: Bitcoin Falls to February Lows, Liquidations Surge"},"content":{"rendered":"<p><strong>Bitcoin<\/strong> plumbed four months lows of $54,225 on Coinbase after rumours of Mt. Gox\u2019s latest cold wallet transfer hit the markets. BTC plummeted starting around July 5 at 4:19 am UTC, which is the lowest level the coin has touched since late February, as per TradingView. Crypto liquidations have risen reach $664. 5 million in the last 24 hours for the first time in the last two months as highlighted by CoinGlass.<\/p>\n<p>It has recover a slight to around $54,300 as has extended losses to be down by about 7.4% in the last day. Other very active cryptocurrencies such as <strong>Ether<\/strong> and <strong>Solana<\/strong> equally suffered a near 10% drop on the same trading day. ETH slid to $2,898, going below its most vital psychological level of $3,000 it has held since May 16. Saying about the volume of last 24-hour crypto liquidations, it is necessary to mention that longs were liquidated for $584 million, shorts for nearly $82 million; Among long liquidations, BTC longs amounted to $ 222 million.<\/p>\n<p>The passion gauge for Crypto has also moved to the weakest level possible since the start of this year at 29\/100 on July 5 th putting the relevant market in the \u201cfear\u201d category based on Crypto Fear &amp; Greed Index.<\/p>\n<h2>Factors Driving the Downturn<\/h2>\n<p>The traders are concerned about the potential sells that are expected to occur once $8,5 billion in <strong>Bitcoin<\/strong> creditor paybacks that came from the defunct crypto exchange firm, <strong>Mt. Gox<\/strong>. The exchange moved the first large amount since May on July 5, equal to 47,229 Bitcoins or around $2.6 billion to a new address.<\/p>\n<p>Moreover, on sale side, the Germany\u2019s government has also exerted some pressure as they have sold 7,583BTC for $419.5 million from Jun 19. It still holds 42,274 BTC and has a worth of around $2. 3 billion.<\/p>\n<p>10x On July 4, Research analyst Markus Thielen said that he anticipated Bitcoin to go down to as low as $50,000 because of the selling pressure on the digital currency.<\/p>\n<p><i><span style=\"font-weight: 400;\">You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our <\/span><\/i><a href=\"https:\/\/t.me\/coinengineernews\"><i><span style=\"font-weight: 400;\">Telegram, <\/span><\/i><\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\"><i><span style=\"font-weight: 400;\">YouTube<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">, and <\/span><\/i><a href=\"https:\/\/twitter.com\/coinengineers\"><i><span style=\"font-weight: 400;\">Twitter<\/span><\/i><\/a><i><span style=\"font-weight: 400;\"> channels for the latest <\/span><\/i><a href=\"https:\/\/coinengineer.net\/blog\/news\/\"><i><span style=\"font-weight: 400;\">news<\/span><\/i><\/a><i><span style=\"font-weight: 400;\"> and updates.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin plumbed four months lows of $54,225 on Coinbase after rumours of Mt. Gox\u2019s latest cold wallet transfer hit the markets. BTC plummeted starting around July 5 at 4:19 am UTC, which is the lowest level the coin has touched since late February, as per TradingView. Crypto liquidations have risen reach $664. 5 million in<\/p>\n","protected":false},"author":6,"featured_media":24388,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,657,1,2],"tags":[61,1729,566,319],"class_list":["post-24387","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-en","category-genel","category-news","tag-bitcoin","tag-ether","tag-mt-gox","tag-solana"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crypto Market Turmoil: Bitcoin Falls to February Lows, Liquidations Surge - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/crypto-market-turmoil-bitcoin-falls-to-february-lows-liquidations-surge\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto Market Turmoil: Bitcoin Falls to February Lows, Liquidations Surge - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Bitcoin plumbed four months lows of $54,225 on Coinbase after rumours of Mt. Gox\u2019s latest cold wallet transfer hit the markets. BTC plummeted starting around July 5 at 4:19 am UTC, which is the lowest level the coin has touched since late February, as per TradingView. Crypto liquidations have risen reach $664. 5 million in\" \/>\n<meta property=\"og:url\" content=\"https:\/\/coinengineer.net\/blog\/crypto-market-turmoil-bitcoin-falls-to-february-lows-liquidations-surge\/\" \/>\n<meta property=\"og:site_name\" content=\"Coin Engineer\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-05T10:30:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-05T06:32:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/bitcoin-dips.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"768\" \/>\n\t<meta property=\"og:image:height\" content=\"439\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tanju Akb\u0131y\u0131k\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tanju Akb\u0131y\u0131k\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/coinengineer.net\/blog\/crypto-market-turmoil-bitcoin-falls-to-february-lows-liquidations-surge\/\",\"url\":\"https:\/\/coinengineer.net\/blog\/crypto-market-turmoil-bitcoin-falls-to-february-lows-liquidations-surge\/\",\"name\":\"Crypto Market Turmoil: Bitcoin Falls to February Lows, Liquidations Surge - 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