Bitcoin adjusted to 57,800 USD, nearly 180 million USD was liquidated

The cryptocurrency market once again plummeted in the early days of July, led by Bitcoin.

On the morning of July 4, Bitcoin price dropped to 57,800 USD, the lowest level since the dump of 56,500 USD on May 1, and surpassed the bottom of 58,500 USD on June 25.

This is the next adjustment of the world's largest cryptocurrency in just the past 2 weeks.

Although there is no direct cause leading to the current correction, pessimism has appeared in the market since the end of June, a time when bad news was recorded.

As reported, many organizations holding large amounts of BTC have moved assets, notably the governments of the US and Germany. According to statistics, in the past half month, US and German crypto wallet addresses have sent up to 738 million USD in Bitcoin to exchanges and there are still no signs of stopping. Currently, the US still owns more than 13 billion USD in crypto, while the German government's BTC warehouse is 2.8 billion USD.

In addition, the representative of the Mt. Gox, which holds $9 billion in Bitcoin, also confirmed that it will begin the process of returning assets to customers this July, ending a 10-year waiting period.

Not stopping there, another selling pressure on the market is the US Bitcoin ETF funds, which have begun to record outflow again after a few days of inflow recently.

With Bitcoin's latest drop, red has returned across the crypto market, with many altcoins in the top 100 now recording corrections ranging from 5 to 12%.

Liquidation data from CoinGlass shows that in the past 12 hours, nearly $180 million in derivative orders were burned, concentrated mainly in ETH, BTC and small-cap altcoins. Of which, up to 92.45% are long orders.

The amount of money liquidated in the past 24 hours is up to 307 million USD.