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The price of Bitcoin briefly dipped as low as $57,874 on Coinbase on July 4, the first time the asset has fallen below the $58,000 mark in more than two months.
Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) has since leveled out to trade for $58,964 at the time of publication but is still down 3.4% on the week, per TradingView <a href="https://www.tradingview.com/chart/aciYtngx/?symbol=COINBASE%3ABTCUSD" target="_blank" rel="noopener nofollow">data</a>. 
<figure data-ct-non-breakable="true">
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 Bitcoin fell below $58,000 for the first time in two months. Source: TradingView
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Bitcoin’s slump comes as millions of dollars worth of leveraged long positions were wiped out, hurting traders hoping for a Bitcoin price gain.&nbsp;
More than $54.9 million in Bitcoin long positions have been liquidated in the last 24 hours, <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener nofollow">according</a> to data from CoinGlass.&nbsp;
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/07f4bc9c-4606-4b4e-949c-ab56f04d1ade.png" alt="" title="">
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 Nearly $60 million in Bitcoin longs have been wiped in the last 24 hours. Source: CoinGlass
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Similarly, traders looking to gain long exposure to Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) ahead of the launch of several spot Ether ETFs — expected&nbsp;<a href="https://cointelegraph.com/news/ethereum-etfs-window-dressing-stage-approval-weeks-galaxy-digital">as soon as mid-July</a> — also saw their positions wiped.
In total, $57.9 million in ETH long positions&nbsp;were liquidated in the last 24 hours.&nbsp;
Related:&nbsp;<a href="https://cointelegraph.com/news/3-reasons-why-bitcoin-analysts-think-a-btc-price-cycle-top-is-in">3 reasons why Bitcoin analysts think a BTC price ‘cycle top’ is in</a>
Much of the blame for the wider pullback in the price of Bitcoin has been laid at the feet of the defunct&nbsp;<a href="https://cointelegraph.com/learn/the-mt-gox-bitcoin-heist">Japanese crypto exchange Mt. Gox</a>, which is <a href="https://cointelegraph.com/news/mt-gox-trustee-start-bitcoin-bitcoin-cash-repayments">scheduled to begin</a>&nbsp;repayments of&nbsp;approximately $8.5 billion worth of BTC to its creditors beginning in early July.&nbsp;
However, some analysts believe the repayments <a href="https://cointelegraph.com/news/mt-gox-bitcoin-dump-fear-concern-overblown-analysts">may not be as dire for Bitcoin</a> as others believe.&nbsp;
Other majors and altcoins also sold off sharply during Bitcoin’s quick dip below $58,000. Ether&nbsp;is down 4.5% at the time of writing, briefly falling as low as $3,145 during a sharp sell-off at 2:00 am UTC on July 4.&nbsp;
BNB (<a href="https://cointelegraph.com/binance-coin-price-index">BNB</a>) is down 6% at the time of writing, falling from $573 to $539.
Solana (<a href="https://cointelegraph.com/solana-price-index">SOL</a>) also pared much of its recent gains, dropping 10.3% in the last 24 hours, plunging from a weekly high of $154 to $136 at the time of publication.&nbsp;
Meanwhile, mentions of “buy the dip" have <a href="https://cointelegraph.com/news/crypto-traders-tell-pesimissts-buy-the-dip-bitcoin">skyrocketed across social media</a> in the last two days, with the use of the phrase doubling across Reddit, X and 4Chan in the same timeframe.&nbsp;
X Hall of Flame:&nbsp;<a href="https://cointelegraph.com/magazine/spot-ethereum-etf-ether-price-bitcoin-patrick-scott-dynamo-defi-hall-of-flame/">Ethereum’s recent pullback could be a gift — Dynamo DeFi</a>

Bitcoin falls below $58K on Coinbase, first time in 2 months

Cointelegraph

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