Bitcoin

Dogecoin

Ethereum

Cardano

Solana

Conflux

Toncoin

Worldcoin

<h4>Bitcoin Declines for Third Day Amid U.S. Election Uncertainty</h4><p>Bitcoin’s price fell to $57,837.7 on <a href="https://www.bitget.com/futures/usdt/BTCUSDT" rel="noopener noreferrer nofollow">Bitget </a>at 2 PM CET time on July 4.</p><p>According to <a href="https://www.coingecko.com/en/coins/bitcoin" rel="noopener noreferrer nofollow">CoinGecko</a>, the cryptocurrency fell by 4% in 24 hours and 22.1% over four months since reaching its all-time high of $73,737.94 on March 14, 2024.</p><p><img src="https://i0.wp.com/coinfactiva.com/wp-content/uploads/2024/07/image-24.png?resize&#61;1170%2C596&amp;ssl&#61;1" /></p><h4>Political Uncertainty and Mt. Gox Fears</h4><p>Bloomberg attributed the decline to U.S. political uncertainty and concerns about Mt. Gox clients selling off their cryptocurrency. Investors are speculating if President Joe Biden will withdraw from the election, as urged by his Democratic Party colleagues. Polymarket predicts a 55% chance Biden will step down before the August 19 convention.</p><p>Standard Chartered suggested that bitcoin’s price might partly depend on Biden’s decision to remain in the race.</p><h4>Mt. Gox Compensation Plans</h4><p>On June 24, Mt. Gox’s administrators announced plans to start compensation payouts. By the end of 2024, they aim to distribute 142,000 bitcoins (around $9 billion), 143,000 Bitcoin Cash coins ($53 million), and ¥69 billion.</p><p>Market participants worry about the total compensation amount and potential selling pressure on bitcoin’s price.</p><h4>JPMorgan’s Bitcoin Forecast</h4><p>JPMorgan analysts predict that most Mt. Gox payouts will occur in July, leading to further bitcoin price drops. They expect the price to recover in August.</p><h3 id="a-href-https-coinmarketcap-com-community-profile-altalab-rel-noopener-noreferrer-nofollow-alta-blockchain-lab-predicts-bitcoin-market-growth-a"><a href="https://coinmarketcap.com/community/profile/ALTALab/" rel="noopener noreferrer nofollow">ALTA – Blockchain Lab Predicts Bitcoin Market Growth</a></h3><p>Analysts from <a href="https://www.altalab.io/" rel="noopener noreferrer nofollow">ALTA – Blockchain Lab</a> predict liquidity accumulation in the Bitcoin market this summer. They attribute this to the anticipation of autumn events, such as the U.S. elections and potential ETF approvals.</p><p>Major price shifts may not happen over the summer, but notable corrections could offer opportunities for position accumulation. Additionally, macroeconomic conditions and new Bitcoin Layer-2 Scaling Projects could positively influence Bitcoin’s price, potentially impacting it closer to autumn.</p><h4>Ethereum and Other Cryptocurrencies</h4><p>Ethereum’s price fell to $3,167, losing 4.3% in 24 hours. Other major cryptocurrencies, including XRP, BNB, Cardano (ADA), Dogecoin (DOGE), and Toncoin (TON), followed bitcoin’s decline, dropping 4.5% to 6%. Solana (SOL) decreased the most, falling 6.5% to $134.41.</p><h4>Top Gainers and Losers</h4><p>Worldcoin (WLD) saw the largest growth among the top 100 cryptocurrencies, increasing by 6%. Conflux (CFX) dropped the most, falling 13%.</p><h4>Trader Liquidations</h4><p>Coinglass, which tracks trader activity, reported 102,000 liquidated positions on crypto exchanges in 24 hours. The total liquidation amount exceeded $260 million, with $68 million in bitcoin and $65 million in Ethereum. This indicates traders using leverage lacked sufficient funds to cover their positions.</p><p>Source: <a href="https://coinfactiva.com/bitcoin-price-drops-below-58000/" rel="noopener noreferrer nofollow">https://coinfactiva.com/bitcoin-price-drops-below-58000/</a></p><p></p>

Bitcoin Price Falls Below $58,000: When Can We Expect Market Growth? Opinion of ALTA - Blockchain Lab Analysts

Table of Contents

coinfactiva.com

Other articles published on Jul 4, 2024

MANTRA Chain Partners with MAG for $500M Real Estate Tokenization

KuCoin Sets 7.5% VAT on Nigerian Crypto Transactions from July 8

MoonBag Declared Best Presale in July 2024, Outshining Competitors With Unmatched Stability And R...

MoonBag Becomes the Best Presale in 2024 by Raising $3.1M, While ICP and Cardano Need Self-Evalua...

MetaMask Partners with Meld to Expand Global Crypto Accessibility

Trump’s crypto pivot: Bitcoin as ‘strategic reserve’ for 2024 elections?

Join our free newsletter for daily crypto updates!