The cryptocurrency market saw over $665 million liquidations in the past 24 hours as bitcoin faces heavy selling pressure with Mt Gox continuing to make movements for payout.

Bitcoin dropped 7.4% in the past 24 hours to $54,422 at the time of publication, according to The Block’s bitcoin price page. The price fall came after defunct crypto exchange moved about $2.7 billion worth of bitcoin as it prepares for its payout to creditors, set to start early this month.

In the past 24 hours, a total of 230,541 traders were liquidated, with the total liquidations across centralized exchanges amounting to $665.8 million, according to data from Coinglass.

Bitcoin was the leading cryptocurrency in the liquidations, with over $222.1 million liquidated in the past 24 hours. Among these bitcoin …