Bitcoin Dropped Below $57K After Mt. Gox Wallets Started Moving, Marking More Than a 5% Loss in a Single Day
- PHPzOriginal
- 2024-07-11 12:43:02632browse
The crypto market valuation fell to $2.09 trillion, down 6.07% from the previous day. $90.34 billion has been traded on the cryptocurrency market
Bitcoin price dropped below $57K for the first time since May, marking a significant sell-off in the crypto market on July 4. The sell-off began early Monday morning and saw BTC drop to lows of $56,830 on major spot exchanges.
The sell-off comes as wallets connected to the now-defunct Mt. Gox cryptocurrency exchange started moving with test transactions for the first time in over a month, increasing the likelihood of asset distributions and escalating selling pressure.
Meanwhile, the German Federal Criminal Police Office transferred over $75 million to cryptocurrency exchanges. This activity also follows recent reports that suggested that the government is preparing to sell a portion of its Bitcoin holdings.
Cryptocurrency markets have been largely bullish throughout the first half of 2024, with Bitcoin rallying from lows of $33K at the end of 2023 to highs of nearly $74K in March. However, BTC has struggled to maintain momentum above $60K, and the recent sell-off adds to the consolidation period.
In the past 24 hours, 131,631 traders were liquidated, totaling $372.75 million in liquidation value. For ETHUSDT, the highest liquidation order was made on Binance, valued at $18.48 million.
The crypto market valuation fell to $2.09 trillion, down 6.07% from the previous day. $90.34 billion has been traded on the cryptocurrency market in the last 24 hours, a 34.44% gain.
Related: Tron founder Justin Sun bids to buy German government's $2.3B in Bitcoin assets
Founder of Tron makes bid to purchase German government’s BTC holdings
In other crypto news, Tron founder Justin Sun made a bid to purchase the German government’s more than $2.3 billion worth of Bitcoin assets.
“I'm planning to lessen the negative impact by buying BTC off-market,” wrote Sun in a July 4 X post to his 3.5 million followers, announcing the offer.
Sun’s bid follows recent concerns regarding potential Bitcoin sales by the German government after 6,500 Bitcoins, valued at over $425 million, were moved via a wallet connected to the German government on June 19.
Traders kept a close eye on the wallet as بازار selling of the remaining holdings could impact the price of Bitcoin. Before the first transfer, the wallet contained roughly 50,000 BTC since February 2024, and the funds are believed to have been sourced from Movie2k, the owner of the pirate movie website.
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