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Bitcoin fell below $54,000 due to multiple factors causing a big dump in the market.
Bitcoin falls below 54,000 USD, market sentiment is low.
On July 5th at noon, the cryptocurrency market experienced a significant fall. The price of Bitcoin fell below $54,000, reported at $53,984, with an intraday decline of 7.1%. Ethereum fell below $2,850, with an intraday decline of 11%. Other cryptocurrencies also generally fell, with some coins seeing declines of over 20%. Meanwhile, the dollar index fell below 105 for the first time since June 13.
The recent fall in Bitcoin prices is expected to lead to approximately $620 million in long contracts being liquidated, and the scale of liquidation may further expand.
The reasons for this market fall may be multiple, including:
Mt. Gox has begun repaying debts, raising concerns about sell-offs. Recently, the Mt. Gox wallet has been making frequent transfers to start compensating. According to monitoring, one address transferred 2,702 Bitcoins to the Mt. Gox cold wallet, which was then moved to a trading platform that supports repayments. Additionally, Mt. Gox has also transferred approximately 47,228 Bitcoins (around $2.71 billion) from cold storage to a new wallet.
The government's movements regarding Bitcoin. The German government has recently continued to sell Bitcoin that was previously seized, and today transferred and sold more than 13,000 coins. The relevant wallets of the U.S. government have also been monitored transferring Bitcoin to exchanges.
The market lacks new capital. Since the beginning of May, the total market value of stablecoins in the crypto market has hovered around $160 billion, indicating that there has been no significant influx of new funds.
Bitcoin has fallen below the 200-day moving average. This is the first time since August 2023 and may indicate that the market is entering a correction phase. Historically, this indicator is often used to determine bull and bear trends.
Overall, multiple factors have contributed to this market fall. Investors need to closely monitor the subsequent trends and cautiously assess the market direction.