Ethereum

Source

Bitcoin

Drops

Time

Bitcoin saw a significant drop below the $58,000 mark, hitting as low as $57,874, marking its first fall below this level in over two months. At the time of reporting, it has slightly recovered to trade around $58,964, down 3.4% for the week, according to Coinbase data. 
This price decline was accompanied by a large-scale liquidation of leveraged long positions that reached more than $55.18 million in Bitcoin in the last 24 hours, according to <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noreferrer noopener nofollow">CoinGlass</a>.&nbsp; 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full">
 <img fetchpriority="high" decoding="async" width="785" height="475" src="https://www.cryptotimes.io/wp-content/uploads/2024/07/Bitcoin-Drops-Below-58K-on-Coinbase-for-First-Time-in-2-Months.png" alt="Bitcoin Drops Below $58K on Coinbase for First Time in 2 Months" class="wp-image-188201" srcset="https://www.cryptotimes.io/wp-content/uploads/2024/07/Bitcoin-Drops-Below-58K-on-Coinbase-for-First-Time-in-2-Months.png 785w, https://www.cryptotimes.io/wp-content/uploads/2024/07/Bitcoin-Drops-Below-58K-on-Coinbase-for-First-Time-in-2-Months-768x465.png 768w" sizes="(max-width: 785px) 100vw, 785px">
 <figcaption class="wp-element-caption">
 Liquidation Chart – Source: CoinGlass
 </figcaption>
 </figure>
</div> 
Likewise, Ethereum (ETH) also faced a sell-off and its market value declined to about $57.95 million in long positions closed during the same period amid expectations of several spot ETFs that are expected to be launched by mid-July. 
Some analysts attribute part of the market decline to the impending repayments by the defunct Japanese crypto exchange Mt. Gox, expected to begin <a href="https://www.cryptotimes.io/2024/07/01/mt-gox-9-billion-repayment-triggers-bitcoin-sell-off-fears/" target="_blank" rel="noreferrer noopener">repaying about $9 billion</a>, but argue that the effects on Bitcoin’s price may be less severe than estimated. 
Other leading cryptocurrencies and altcoins also experienced significant declines when Bitcoin fell. Ether (ETH) declined by 4.5% on the day and fluctuated to as low as $3,145 during the selling period.&nbsp; 
Binance Coin (BNB) was down by 6% and fell from $573 to $539. In the same way, Solana (SOL) also pulled back from recent highs and was down by 10.3% from the weekly high of $154 to $136. 
However, social media discussion mirrored the investor sentiment, with the ‘buy the dip’ sentiment more than doubling recently on platforms such as Reddit, X, and 4Chan. 
The cryptocurrency market remains unstable and fluctuating due to changes in regulations and investors’ sentiment, with traders paying attention to the further movement of the market in the upcoming sessions. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/07/04/solana-meme-coins-outshine-ethereum-by-800-in-2024/" target="_blank" rel="noreferrer noopener">Solana Meme Coins Outshine Ethereum by 800% in 2024</a> 
</blockquote>

Bitcoin Drops Below $58K on Coinbase for First Time in 2 Months

The Crypto Times

Egyéb ezen a dátumon (2024. júl. 4.) megosztott cikkek

Bitcoin (BTC) Price Plunges to 2-Month Low Amid Market Turmoil

El Salvador continues to purchase 1 BTC a day despite uncertain Bitcoin markets

Bitcoin Price Prediction: Is the Bull Rally Fizzling Out?

Can StormX Crypto (STMX) Head For A Recovery Or Crash Again?

KYC For Pi Network In 10 minutes: Here Is How It Works

Will Ethereum Price Make a Bullish Comeback Post Spot ETF Launch?

Join our free newsletter for daily crypto updates!