Bitcoin plummets to $54K seeing $590 million in long liquidations

Quick Take

Bitcoin experienced a sharp decline, dropping to $54,000, down a further 5% in 24 hours, marking a 27% decrease from its all-time high. This downturn has led to significant market turmoil, with approximately $685 million in liquidations over the past 24 hours, including $590 million in long positions, one of the year’s largest long liquidations, according to Coinglass.

The market’s volatility coincides with the announcement that Mt. Gox has commenced its repayment process to creditors. According to market news reporter db, in an official letter dated July 5, 2024, the Rehabilitation Trustee, Nobuaki Kobayashi, has initiated repayments in Bitcoin and Bitcoin Cash to certain creditors via designated crypto exchanges, following the Rehabilitation Plan. The letter outlines that further repayments will proceed once conditions such as account verification, acceptance of the Agency Receipt Agreement, and the completion of discussions between the trustee and exchanges are met.

Additionally, a post on X from Arkham Intelligence reveals that Mt. Gox has moved 47,228 BTC, valued at $2.71 billion, from cold storage to a new wallet. This significant movement of funds has likely contributed to the heightened market activity and volatility.

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