Yahya 
Bitcoin plumbed four months lows of $54,225 on Coinbase after rumours of Mt. Gox’s 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.
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 Ether and Solana 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.
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 “fear” category based on Crypto Fear & Greed Index.
Factors Driving the Downturn
The traders are concerned about the potential sells that are expected to occur once $8,5 billion in Bitcoin creditor paybacks that came from the defunct crypto exchange firm, Mt. Gox. 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.
Moreover, on sale side, the Germany’s 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.
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.
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