Bitcoin liquidates $700 million in one day... drops to $54,000

Bitcoin (BTC) saw nearly $700 million (approximately 112.5 billion yen) liquidated, and its value fell to $54,000 (approximately 8.68 million yen).
According to CryptoPotato on the 5th (local time), Bitcoin lost $670 million (approximately 107.7 billion yen) due to market turmoil.
The largest liquidation order occurred on Binance, the world's largest cryptocurrency exchange. Media reports suggest that the drop in Bitcoin may have been influenced by a variety of factors.
One example is the German government's decision to liquidate its large Bitcoin holdings. Also, the repayment of Mt. Gox creditors and the planned November withdrawal of
The controversy surrounding the US presidential election could also have an impact. According to data from CoinGlass, total liquidation volume surged to $670 million in the past 24 hours, pushing Bitcoin
In transactions, Ethereum (ETH) took the second place, with Solana (SOL), Dogecoin (DOGE), Ripple (XRP), and Shibainu (SHB).
Major altcoins such as (SHIB) have also been liquidated and are falling. The largest single liquidation on Binance was for $19 million, with ETH/
The USDT cryptocurrency pair was involved, the media added.