Bitcoin falls to $55K as crypto liquidations breach $580M

Bitcoin ( BTC ) hit a four-month low of $55,011 on Coinbase as news of Mt. Gox’s latest cold wallet transfer hit the markets. 

BTC hit its low on July 5, 3:11 am UTC on the Coinbase crypto exchange — its lowest level since late February, per TradingView. At the same time, crypto liquidations have climbed to a staggering $588 million over the past 24 hours. 

It’s now slightly recovered to above $55,239, down 3% in the last 24 hours.

Other highly-traded cryptocurrencies, including Ether ( ETH ) and Solana ( SOL ), also saw near 10% drops on the day.

It led to a total of $588 million in liquidations across the crypto market, the highest in over two and half months, according to CoinGlass.

Crypto liquidations over the past 24 hours include $510 million in long bets and almost $79 million in shorts , with long BTC positions making up $193.19 million of the total.

Related: Bitcoin traders express optimism even as BTC price targets shift lower

Positive sentiment toward crypto has also hit its lowest point since January 2023, with the Crypto Fear Greed Index reflecting a score of 29 out of 100 on July 5, showing the market is experiencing “Fear.”

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This is a developing story, and further information will be added as it becomes available.