Home web3.0 BTC Price Plunges to May Lows, Triggering $193M in Liquidations as Mt. Gox Repayments Loom

BTC Price Plunges to May Lows, Triggering $193M in Liquidations as Mt. Gox Repayments Loom

Jul 11, 2024 pm 03:02 PM

BTC's price plunged to prices unrecorded since May, falling below $57,000 on July 4 to go as low as $55,300.

BTC Price Plunges to May Lows, Triggering 3M in Liquidations as Mt. Gox Repayments Loom

The price of BTC dropped to levels not seen since May, falling below the $57,000 mark on July 4 and reaching a low of $55,300. According to CoinGlass, this price movement resulted in the liquidation of over $193 million in leveraged BTC contracts over the past 24 hours.

Out of that total, $154 million were longs, which are contracts betting on BTC’s upward price movements, and $39.06 million were shorts, which are contracts betting on the asset’s downtrends.

The liquidations occurred as BTC prices approached the $55,000 level three days after rallying to around $62,000 on July 1. Now, there are concerns that BTC could drop as low as $50,000, which many analysts believe will happen.

Despite the price drop, BTC ETF participants did not panic and liquidate their holdings en masse. As BTC prices dropped a few days ago, net BTC ETF outflows only amounted to $20.45 million on July 3, which is significantly lower than the hundreds of millions liquidated in the latter weeks of June.

However, this does not mean that outflows may not occur in the coming days, as most investors will be returning to their desks after the July 4 Independence Day holiday and could decide to mass exit their positions then.

If BTC’s price fails to recover, then BTC ETF investors may decide to do just that. Currently, there is a lot of selling pressure on BTC due to the upcoming Mt. Gox repayments, which are expected to take place this month.

Anticipation of the repayments, which will release 140,000 bitcoins worth $9.4 billion, is causing BTC to drop massively in value. Mt. Gox conducted test transfers of only $25, which sent the market into panic mode.

The German government-associated wallet is also not helping the situation by selling thousands of BTCs. As it sells thousands of BTCs, other holders will inevitably decide to liquidate their holdings to take profits, which will lead to dipping asset prices.

However, analysts believe that BTC will eventually recover after sliding down to the $50,000 mark.

The above is the detailed content of BTC Price Plunges to May Lows, Triggering $193M in Liquidations as Mt. Gox Repayments Loom. For more information, please follow other related articles on the PHP Chinese website!

Statement of this Website
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

Video Face Swap

Video Face Swap

Swap faces in any video effortlessly with our completely free AI face swap tool!

Hot Tools

Notepad++7.3.1

Notepad++7.3.1

Easy-to-use and free code editor

SublimeText3 Chinese version

SublimeText3 Chinese version

Chinese version, very easy to use

Zend Studio 13.0.1

Zend Studio 13.0.1

Powerful PHP integrated development environment

Dreamweaver CS6

Dreamweaver CS6

Visual web development tools

SublimeText3 Mac version

SublimeText3 Mac version

God-level code editing software (SublimeText3)

Hot Topics

Java Tutorial
1663
14
PHP Tutorial
1266
29
C# Tutorial
1238
24
Nasdaq Files to List VanEck Avalanche (AVAX) Trust ETF Nasdaq Files to List VanEck Avalanche (AVAX) Trust ETF Apr 11, 2025 am 11:04 AM

This new financial instrument would track the token's market price, with a third-party custodian holding the underlying AVAX

OM Mantra Cryptocurrency Crashes 90%, Team Allegedly Dumps 90% of Token Supply OM Mantra Cryptocurrency Crashes 90%, Team Allegedly Dumps 90% of Token Supply Apr 14, 2025 am 11:26 AM

In a devastating blow to investors, the OM Mantra cryptocurrency has collapsed by approximately 90% in the past 24 hours, with the price plummeting to $0.58.

Zcash (ZEC) Reaches a High of $35.69 as a Record Amount of Tokens Move Out of Circulation Zcash (ZEC) Reaches a High of $35.69 as a Record Amount of Tokens Move Out of Circulation Apr 09, 2025 am 10:36 AM

Zcash was one of the top gainers during the latest market rally, reaching a high of $35.69 as traders moved a record amount of tokens out of circulation.

Is Wall Street Quietly Backing Solana? $42 Million Bet Says Yes Is Wall Street Quietly Backing Solana? $42 Million Bet Says Yes Apr 10, 2025 pm 12:43 PM

A group of former Kraken executives acquired U.S.-listed company Janover, which secured $42 million in venture capital funding to begin building a Solana (SOL) treasury.

TrollerCat ($TCAT) Stands Out as a Dominant Force in the Meme Coin Market TrollerCat ($TCAT) Stands Out as a Dominant Force in the Meme Coin Market Apr 14, 2025 am 10:24 AM

Have you noticed the meteoric rise of meme coins in the cryptocurrency world? What started as an online joke has quickly evolved into a lucrative investment opportunity

Dogecoin (DOGE) Price Plummets 17% Dogecoin (DOGE) Price Plummets 17% Apr 08, 2025 am 11:20 AM

The Dogecoin price plummeted 17% in the last 24 hours to trade at $0.1365 as of 4.30 a.m. EST on trading volume that skyrocketed 271% to $2.24 billion.

As Fear Drives Selling, BlockDAG (BDAG) Stands Out from the Crowd As Fear Drives Selling, BlockDAG (BDAG) Stands Out from the Crowd Apr 13, 2025 am 11:48 AM

As fear drives selling in the crypto market, major coins like Cardano and Solana face tough times.

The Crypto Market Has Witnessed a Rebound Following the Recent Sheer Downturn The Crypto Market Has Witnessed a Rebound Following the Recent Sheer Downturn Apr 13, 2025 am 11:40 AM

The crypto market has witnessed a rebound following the recent sheer downturn. As per the exclusive market data, the total crypto market capitalization has reached $2.71Ts