Since June, Bitcoin’s price has been experiencing notable declines, with the asset falling below $54,000 today. At the time of publication, Bitcoin’s price was trading at $55,504.34, down 3.8% in the last 24 hours.

In a recent pullback, the largest cryptocurrency on the market ended up losing a four-month price range, reaching a drop of 14.74% in the last three days with its value falling to the zone of US$ 53,540 today. In its monthly development, Bitcoin depreciated 21.7%, ending the “longest winning streak” of all time.

As Capriole Investments analyst Charles Edwards noted, the largest cryptocurrency’s winning streak has now reached 427 days without a 25% drawdown. Notably, this marks the first time Bitcoin has gone without a correction in a 427-day period.

“Bitcoin’s longest winning streak ever just ended. 427 days without a 25% drawdown. Beat the 2012 record by 63 days. Quite an incredible run we had and well overdue for a correction,” the expert wrote.

Bitcoin Liquidation

In a recent move amid Bitcoin’s sharp decline, the cryptocurrency market has seen over $665 million in liquidations in the past 24 hours. This move comes as the largest cryptocurrency is facing heavy selling pressure as defunct exchange Mt Gox makes payments to its creditors.

Notably, last week, there was already a sense of apprehension among cryptocurrency traders regarding a major liquidation event when the now-defunct exchange Mt. Gox began distributing recovered tokens this week.

Bitcoin (BTC) trading volume is $56,403,744,037 in the last 24 hours, representing a 49.10% increase from the previous day. The surge signals a recent surge in BTC market activity.


The views and opinions expressed by the author, or any person mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.


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