Bitcoin Adjusts to $57,800, Nearly $180 Million Liquidated
Once again, the cryptocurrency market plunges in the early days of July, led by Bitcoin.
Market fluctuations of top cryptocurrencies as of 09:15 AM on July 4, 2024. Source: Coin360
On the morning of July 4th, Bitcoin's price dropped to $57,800 USD, marking its lowest point since the dip to $56,500 USD on May 1st and surpassing the previous low of $58,500 USD on June 25th.
This is the latest correction for the world's largest cryptocurrency in just two weeks.
4-hour chart of BTC/USDT pair on Binance as of 09:15 AM on July 4, 2024
While there is no direct cause for the current correction, pessimism has crept into the market since late June, amid a series of unfavorable news.
As reported by Coin68, numerous organizations holding large amounts of BTC have been seen moving assets, notably including the governments of the United States and Germany. Statistics show that in the past half-month, US and German crypto wallet addresses have sent $738 million USD worth of Bitcoin to exchanges, with no signs of slowing down. Currently, the US still holds over $13 billion USD in crypto assets, while the German government's BTC reserves amount to $2.8 billion USD.
Historical statistics of Bitcoin sales by national governments. Source: Blockworks (03/07/2024)
Additionally, Mt. Gox's trustee, holding $9 billion USD in Bitcoin, has confirmed the commencement of asset returns to customers this July, marking the end of a 10-year wait.
Not stopping there, another selling pressure weighing on the market comes from US Bitcoin ETFs, which have begun to record outflows after recent inflows.
Flow of funds in/out of US Bitcoin ETFs. Source: Farside Investors (04/07/2024)
With Bitcoin's latest decline, red dominates the crypto market once again, with many top 100 altcoins now adjusting between 5 to 12%.
Price fluctuations of the top 100 largest cryptocurrencies by market cap, screenshot from CryptoBubbles at 09:20 AM on July 4, 2024
Data from CoinGlass indicates that in the past 12 hours, nearly $180 million USD in derivative orders have been liquidated, primarily focused on ETH, BTC, and small-cap altcoins. Of these, 92.45% were long positions.
Total liquidated funds in the past 24 hours have reached $307 million USD.
