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Bitcoin

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 <p>Bitcoin experienced notable price fluctuations. Concurrently, Bitcoin mining firm Riot Platforms achieved substantial growth in its mining capacity, while prominent financial figures have weighed in on the implications of these changes.&nbsp;</p>
 <h2 id="bitcoin-price-dips-below-58-000-analyzing-the-market-shake-up">Bitcoin Price Dips Below $58,000: Analyzing the Market Shake-Up</h2>
 <p><a href="https://coinpaper.com/4665/weekend-bitcoin-trading-hits-record-low-in-2024" target="_self" rel="noopener noreferrer nofollow"><span>Bitcoin</span></a> (BTC) briefly dipped as low as $57,874 on Coinbase on July 4, marking the first time the asset has fallen below the $58,000 mark in more than two months. Bitcoin&amp;#39;s price action has since leveled out, trading at $58,964. Despite the slight recovery, the cryptocurrency is still down 3.4% on the week, according to TradingView data.</p>
 <p>The recent slump in Bitcoin’s price has significant implications for the broader crypto market. The sharp decline can be attributed to the liquidation of millions of dollars worth of leveraged long positions. Data from <a href="https://www.coinglass.com/LiquidationData" target="_self" rel="noopener noreferrer nofollow"><span>CoinGlass</span></a> reveals that more than $54.9 million in Bitcoin long positions have been liquidated in the past 24 hours alone. This mass liquidation has been a major blow to traders who were banking on a price gain for Bitcoin.</p>
 <p>This price dip in Bitcoin has had a cascading effect on other major cryptocurrencies and altcoins. Ethereum (ETH), for instance, is currently down 4.5% on the day, having briefly fallen to $3,145 during a sharp sell-off at 2 a.m. UTC on July 4.&nbsp;</p>
 <p>Binance Coin (BNB) has also experienced a significant decline, dropping 6% on the day. The coin fell from $573 to $539, reflecting the broader market trend. Similarly, Solana (SOL) saw a substantial decrease, paring much of its recent gains by dropping 10.3% in the last 24 hours. Solana also plunged from a weekly high of $154 to $136.</p>
 <p>The liquidation of leveraged positions has been a key factor in the recent market movements. Traders looking to gain long exposure to ETH ahead of the anticipated launch of several spot ETFs in mid-July also faced significant losses. CoinGlass data shows that $57.9 million in ETH long positions were liquidated in the past 24 hours.</p>
 <h3 id="the-mt-gox-factor">The Mt. Gox Factor</h3>
 <p>Much of the blame for the broader pullback in Bitcoin’s price has been attributed to the collapsed Japanese crypto exchange Mt. Gox. The exchange is scheduled to begin repayments of approximately $8.5 billion worth of BTC to its creditors starting in July. This impending repayment has created uncertainty in the market, leading to the sell-off.</p>
 <p>However, not all analysts believe that the repayments from Mt. Gox will have as severe an impact on Bitcoin as many fear. Some argue that the market has already priced in the effects of these repayments, and any sell-off will be absorbed by existing market demand.</p>
 <p>Despite the market downturn, social media activity suggests that many traders and investors remain optimistic. Mentions of &amp;quot;buy the dip&amp;quot; have skyrocketed across platforms like Reddit, X (formerly Twitter), and 4Chan. The use of the phrase has doubled in the past two days, indicating a strong belief among the community that the current price dip presents a buying opportunity.</p>
 <p>The recent price movements in Bitcoin and other major cryptocurrencies highlight the volatility and complexity of the crypto market. The liquidation of leveraged positions, the impact of external factors like the <a href="https://coinpaper.com/4600/8-5-billion-bitcoin-release-by-mt-gox-may-not-shock-market" target="_self" rel="noopener noreferrer nofollow"><span>Mt. Gox repayments</span></a>, and the reaction of the crypto community all play a role in shaping market trends. As Bitcoin stabilizes around the $58,000 mark, traders and investors will be closely watching for signs of recovery or further decline in the coming days.</p>
 <h2 id="peter-schiff-predicts-further-bitcoin-breakdown-amid-recent-cryptocurrency-crash">Peter Schiff Predicts Further Bitcoin Breakdown Amid Recent Cryptocurrency Crash</h2>
 <p>Peter Schiff, a well-known critic of Bitcoin, has once again voiced his bearish outlook on the leading digital asset. In a recent social media post, Schiff predicted that Bitcoin is poised for further decline. As Bitcoin&amp;#39;s price plunged below the critical $60,000 support level, Schiff urged his followers to invest in gold and silver, which he believes are on the verge of a significant breakout.</p>
 <p>On July 4, Bitcoin dropped below the crucial $60,000 mark for the first time since June 25, reaching an intraday low of $59,712 according to CoinGecko data. This significant drop occurred despite positive inflows into Bitcoin exchange-traded funds (ETFs).&nbsp;</p>
 <p>Over the past five days, Bitcoin ETFs have seen continuous inflows, amounting to $13.7 million. BlackRock&amp;#39;s IBIT ETF led the charge with $14.1 million in inflows, effectively offsetting the $32.4 million in outflows recorded by Grayscale.</p>
 <p>Analyst James Seyffart commented that, despite the price drop, the net inflows into Bitcoin ETFs remain at healthy levels. However, Seyffart also noted that trading volumes have been steadily declining, struggling to surpass the $3 billion mark since May. This decrease in trading activity raises concerns about the market&amp;#39;s liquidity and overall health.</p>
 <h3 id="the-crucial-60-000-level">The Crucial $60,000 Level</h3>
 <p>The $60,000 price point is particularly significant for Bitcoin bulls. Markus Thielen, founder of 10x Research, highlighted that this level is close to the average entry price for Bitcoin ETF buyers.&nbsp;</p>
 <p>Therefore, a decisive break below $60,000 could trigger a wave of liquidations, exacerbating the downward pressure on Bitcoin&amp;#39;s price. Thielen&amp;#39;s analysis aligns with Schiff&amp;#39;s earlier warning in April, where he predicted substantial losses for buyers of Bitcoin ETFs if the market turned bearish.</p>
 <p>While Bitcoin struggles to maintain its value, Schiff continues to advocate for investments in gold and silver. Schiff argues that these precious metals are on the brink of a breakout. Currently, gold is trading near the top end of its range at $2,375 per ounce. Schiff&amp;#39;s long-standing skepticism about Bitcoin is matched by his unwavering confidence in the stability and growth potential of gold and silver.</p>
 <p>The recent price action in Bitcoin and Schiff&amp;#39;s commentary bring attention to the volatility and uncertainty inherent in the cryptocurrency market. The drop below $60,000 serves as a critical test for Bitcoin, with potential implications for market sentiment and investor behavior. As analysts and investors closely monitor the situation, the debate between traditional assets like gold and emerging digital assets like Bitcoin continues to intensify.</p>
 <h2 id="riot-platforms-boosts-hash-rate-by-50-mines-255-bitcoin-in-june">Riot Platforms Boosts Hash Rate by 50%, Mines 255 Bitcoin in June</h2>
 <p>Riot Platforms, a leading Bitcoin mining firm, has significantly increased its operational capacity, enhancing its deployed hash rate by 50% in June. This substantial growth enabled the company to mine 255 BTC, marking a nearly 20% increase from its May production.</p>
 <p>Riot&amp;#39;s hash rate surged from 14.7 exahashes per second (EH/s) to an impressive 22 EH/s within the month. This growth was driven by the completion of miner installations at its Corsicana facility and the utilization of additional available capacity at its Rockdale facility.&nbsp;</p>
 <p>In a statement released on July 3, Riot&amp;#39;s CEO, Jason Les, <a href="https://www.riotplatforms.com/riot-announces-june-2024-production-and-operations-updates/" target="_self" rel="noopener noreferrer nofollow"><span>described</span></a> June as a &amp;quot;historic month,&amp;quot; celebrating the firm&amp;#39;s success in exceeding its mid-year deployed hash rate target of 21.4 EH/s. The energization of these miners primarily occurred in the final days of June, contributing to the significant hash rate increase.</p>
 <h3 id="bitcoin-holdings-and-financial-impact">Bitcoin Holdings and Financial Impact</h3>
 <p>Riot retained all the <a href="https://coinpaper.com/4613/bitcoin-whales-accumulate-436-million-in-btc-amid-market-dip" target="_self" rel="noopener noreferrer nofollow"><span>Bitcoin</span></a> mined in June, bringing its total Bitcoin holdings to 9,334 BTC, valued at approximately $561.6 million at current market prices. The 255 Bitcoin mined in June, worth around $15.3 million, represents a 45% decrease year-on-year. This decline is attributed to the halving event on Apr. 20, which reduced the block subsidy by 50%.</p>
 <p>With its expanded hash rate, Riot has become the second-largest Bitcoin miner by hash rate, surpassing competitors such as CleanSpark and Core Scientific, both of which also reported hash rates exceeding 20 EH/s. Riot now trails only Marathon Digital, which boasts a hash rate of 31.5 EH/s.</p>
 <p>Hash rate, a crucial metric in the cryptocurrency mining industry, refers to the total combined computational power used to mine transactions on proof-of-work networks like Bitcoin. Riot&amp;#39;s significant increase in hash rate not only enhances its mining efficiency but also solidifies its position as a dominant player in the industry.</p>
 <p>Riot is on track to further increase its self-mining hash rate capacity to 31.5 EH/s by the end of 2024. The company has set an ambitious target of reaching 100 EH/s by 2027 or shortly thereafter. This goal could be achieved through the potential purchase of additional MicroBT mining equipment, leveraging its option to expand its operations further.</p>
 <p>In addition to its mining achievements, Riot also capitalized on power credits, earning $6.2 million in June. Despite these positive developments, Riot&amp;#39;s stock price has experienced a decline. On Wednesday, Riot&amp;#39;s share price fell 1.5% to $9.57, according to Google Finance data. The stock is down 37.9% year-to-date in 2024 and has decreased by 28.3% over the past 12 months.</p>
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Leveraged Liquidations Hit Bitcoin After Price Falls Below $58,000

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Coinpaper.com

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