Crypto Liquidations Reach $665M

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Bitcoin experienced a sharp decline to $53,499 on Coinbase following news of Mt. Gox’s recent transfer from their cold wallet.

This represents its lowest point in four months. As a result, the market saw an increase in cryptocurrency liquidations, totaling $664.5 million within the past 24 hours.

Bitcoin has since recovered slightly, but still remains down by 7.4% in the last day, now sitting at $54,300.

Other popular cryptocurrencies, such as Ether and Solana, also experienced significant drops of nearly 10% on the same day. ETH, in particular, fell below the key $3,000 level that it has held since mid-May.

Overall, crypto liquidations within the past 24 hours include $584 million in long positions and nearly $82 million in short positions, with $222 million of the total coming from long BTC positions.