Bitcoin price drops below $54k, $624 million transfer between wallets adds to market uncertainty

From Investing.com: 2024-07-05 16:00:19

The crypto market sees $700 million in long orders liquidated as Bitcoin falls below $54,000, causing a chain reaction of sell-offs. Experts warn of a slow recovery amid investor panic.

A massive transfer of 11,302 BTC worth $624 million raises concerns as it moves between unknown wallets, adding to market unease.

Speculation surrounds a large-scale Bitcoin transfer coinciding with negative news, with wallets identified as belonging to BitMEX, a major exchange.

As the market faces uncertainty, the actions of key players like BitMEX and investor sentiment will play a crucial role in determining the future of cryptocurrency prices.

Read more at Investing.com: Bitcoin Witnesses Crazy $624 Million Mystery: What Happened? By U.Today