Bitcoin Price Drops to $53,717 on Friday, Its Lowest Since February This Year

This drop, observed at Bitcoin's lowest level since late February, was recorded at $53,717 on July 5 at 4:20 am UTC, according to CoinMarketCap data.

Bitcoin price fell sharply on Friday morning after news of another large cold wallet transfer by Mt. Gox. The world’s oldest and largest cryptocurrency dropped to a low of $53,717, marking its lowest point since February 5 this year.

At the time of writing, Bitcoin trades at $54,241, indicating a 7.68% decrease in the last 24 hours and a 10.13% decline over the past week, according to data from CoinMarketCap.

The latest drop comes after Mt. Gox moved 47,228 Bitcoins to a new address on Thursday, valued at roughly $2.71 billion at current prices.

This massive transfer is part of the exchange’s ongoing efforts to compensate its creditors following the bankruptcy proceedings. The total amount of BTC being transferred by Mt. Gox has now reached 138,657 BTC.

As the flagship cryptocurrency continues to trade below the key resistance level of $56,000, the downturn was also observed across other major cryptocurrencies. Ether fell by 9.92% in the last 24 hours and now trades at $2,163, while Solana dropped by 10.1% to trade at $43.03.

The volatility in the crypto market led to a large increase in crypto liquidations, which reached $585 million in the past 24 hours. This marks the highest level of crypto liquidations in the last 2.5 months, according to data from CoinGlass.

Out of the total liquidations, long positions were valued at $510 million, while the figure was slightly above $79 million for short positions. Notably, long BTC positions alone were valued at $193.19 million of the liquidation volume.

Meanwhile, the sentiment in the crypto market has also turned notably negative. The Crypto Fear & Greed Index hit a low of 29 out of 100 on July 5, indicating widespread “Fear” among investors. This downturn in sentiment marks the lowest point since January 2023.

As the dust settles on Mt. Gox’s latest cold wallet transfer, further market movements and any upcoming developments will be closely watched by investors in the digital currency markets.

The above is the detailed content of Bitcoin Price Drops to $53,717 on Friday, Its Lowest Since February This Year. For more information, please follow other related articles on the PHP Chinese website!