Bitcoin drops below $54K as crypto liquidations near $665M

Around $222 million in long Bitcoin positions were liquidated in the past 24 hours, with the price of BTC hitting its lowest point since February.

Update July 5, 4:30 am UTC: This article has been updated after Bitcoin fell under $54,000, adding new information and updating figures throughout. Bitcoin hit a four-month low of $53,499 on Coinbase as news of Mt. Gox’s latest cold wallet transfer hit the markets.to TradingView. Additionally, cryptocurrency liquidations have surged to $664.5 million over the past 24 hours, the highest in two months, as), also saw near 10% drops on the day.

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