The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
Sign in to access this content
Sign InThe world's largest cryptocurrency extended its losses toward $61,400, driven by fresh selling pressure linked to the defunct Mt. Gox exchange. According to analyst reports, the exchange moved Bitcoin to the Bitstamp platform, triggering a break below previous support levels and deepening a sell-off initially sparked by record ETF outflows and massive long liquidations.
This sharp decline erases weeks of stability above the $70,000 mark, as the Mt. Gox transfers coincided with whales dumping 25,000 BTC and institutional outflows totaling $1.44 billion. In comparison to peer performance, Ethereum saw a similar decline per market data, reflecting a broader risk-off sentiment across the digital asset sector.
Traders are now focused on the psychological support level at $60,000, with Bitcoin trading at $61,400 (close June 4, 2026). While markets await US PCE inflation data on May 28 to gauge interest rate direction, the ongoing Mt. Gox distributions remain the primary catalyst for near-term price action.
Update: Subsequent market data revealed the massive scale of liquidations accompanying the drop, with the total value exceeding $1.6 billion. This pressure was primarily concentrated on long position holders, who faced forced liquidations totaling approximately $1.35 billion, accelerating the downward momentum.