Bitcoin Drops Under $58K: Whales Move Millions

The second half of 2024 has begun with a heavy crypto market bleed. At the time of writing, Bitcoin (BTC) is worth $57,728.50, a notable 4.5% decline in the last 24 hours. According to CoinGecko, today’s global crypto market cap stands at $2.24 trillion, having lost a 5.38% market share.

Bitcoin markets see RED!!

Bitcoin has slipped below $58,000 as market worries mount. Traders have blamed the crash on Mt. Gox. Today’s crypto problems began in February 2014. The Japanese crypto exchange was hacked and lost around 940,000 BTC, which was worth $64 million back then.

Years later, Mt. Gox recovered 141,687 BTC, currently worth around $9 million. The crypto exchange is expected to pay back its consumers starting this July through October.

The expected market payout has traders worried. Data from Lookonchain shows that one whale deposited 1,700 BTC worth $99.92 million to Binance under an hour ago.

whale deposited 1,700 BTC worth $99.92 million to Binance
Source: Arkham Analytics


Earlier in the day, the whale moved 3,500 BTC worth $206 million to Binance. On-chain data shows that Mt Gox activated its wallets to make its first repayments.

Mt Gox activated its Bitcoin wallets to make its first repayments
Source: Arkham Analytics

Other than that, traders’ uncertainty about U.S. inflation and interest rates continues to weigh on the DeFi industry. Fed Chair Jerome Powell asserts that despite the noticeable progress, there is more work to be done to curb inflation.

Coinglass data shows that crypto traders have been liquidated in the millions. In the last 24 hours, 114,004 traders were liquidated, and their total liquidations totaled $320.01 million.

Coinglass data shows that crypto traders have been liquidated in the millions
Source: Coinglass

The largest single BTC liquidation order happened on Huobi for $10.49M. Coinglass data shows that BTC traders were liquidated for $38.38 million and ETH traders for $15.09 million.


Also Read: Bitcoin Blips Under $60K : Speculations for ’24 Second Half

Florence Muchai

Florence Muchai is an experienced crypto journalist with 4 years experience in Crypto, Blockchain, Web3, NFT and AI. Florence holds a Bachelor's Degree in Disaster Management and International Diplomacy. She also has a Master's Degree in Clinical Psychology. Florence enjoys being a digital nomad and her writings tell value, wealth and in-depth understanding of decentralized and traditional finance.

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