Bitcoin has fallen to a record low for the last 5 months

The flagship cryptocurrency continues its decline, dropping below $ 54,000 today. Currently, it is trading at around $ 54,200 (according to CoinGecko), which is the lowest level in the last five months.

The decline in the bitcoin rate can be explained by several important factors. One of them is the German government’s decision to liquidate a significant portion of its BTC reserves. The upcoming payments to creditors of the defunct cryptocurrency exchange Mt. Gox and the resonance around the US presidential election may also play a role.

The bankrupt Mt. Gox transferred over $ 2.7 billion worth of BTC to a new address. It was expected that the latest market crash had a negative impact on traders with excessive leverage.

Data from CoinGlass shows that the total amount of liquidation in the last 24 hours has risen to about $ 670 million. About 35% of this amount was accounted for by Bitcoin (BTC) trading, while Ethereum (ETH) came in second. Leading altcoins such as Solana (SOL), Dogecoin (DOGE), Ripple (XRP), Shiba Inu (SHIB), and many others also found themselves in the red, contributing to the massive liquidation. The largest single liquidated order occurred on Binance. According to CoinGlass, it was worth almost $ 19 million and concerned the ETH/USDT trading pair.