Bitcoin (BTC) Price Slips Below $54K, Triggering Almost $700 Million in Liquidations

Long summary

• Bitcoin has dropped below $55,000, now trading at $54,200, likely influenced by several factors.
• The market crash resulted in $670 million in liquidations, with the largest liquidation request occurring on cryptocurrency exchange Binance.

The flagship cryptocurrency continues its free fall, dropping below the $54,000 level today (July 5). currently, It is trading at around $54,200 (according to CoinGecko data), that Lowest level recorded in the past five months.

Bitcoin may fall To attribute For several important factors. An example of this is the decision of the German government my class A large amount of her holdings are BTC.

The imminent payment to creditors of the defunct Mt. Gox cryptocurrency exchange and the confusion surrounding the US presidential election (scheduled for November this year) may be The defunct cryptocurrency exchange is also playing a role. It just moved over $2.7 billion worth of bitcoin to a new address, adding more fuel to the fire.

As somewhat expected, The recent market crash has had a negative impact on traders who use excessive leverage. CoinGlass data Offers Total liquidations over the past 24 hours have risen to around $670 million. Bitcoin (BTC) trading accounted for about 35% of the share, while Ethereum (ETH) came in second.

Leading altcoins, such as Solana (SOL), Dogecoin (DOGE), Ripple (XRP), Shiba Inu (SHIB), and many others, are also suffering significant losses, contributing to massive liquidations.

the Largest single liquidation request It happened On Binance. It was worth nearly $19 million and included the ETH/USDT trading pair., According to to quinglass.