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Bitcoin After Weekend: Falls to $54,200

Bitcoin’s price dropped to $54,200 today. This event erased gains made over the weekend when it peaked near $58,500. Market turbulence led to over $100 million in liquidations in the last four hours alone.  

Bitcoin price drops to $54,200 after weekend gains
Source: Coinbackyard

Long positions saw $70 million liquidated, while short positions lost $42.64 million. Overall, nearly $250 million in trades were liquidated in the past 24 hours, highlighting volatile conditions. 

Pi42’s Avinash Shekhar talked about the market’s volatility and linked it to continuous swings. Meanwhile, Japanese company Metaplanet added $2.35 million worth of Bitcoin to its cryptocurrency holdings. This action comes after they recently issued $6.2 million in bonds with the intention of using Bitcoin as a reserve asset. This would lower the risks in light of Japan’s economic difficulties. 

On another front, reports surfaced of German authorities transferring 700 BTC worth $40.47 million to an unidentified address over the weekend. This follows earlier moves by the German government — it involved significant Bitcoin transfers to major exchange. This indicates ongoing regulatory actions impacting the market.

July 8, 2024 at 10:00 am

Updated July 8, 2024 at 10:00 am

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