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<p><i>The </i><a href="https://cryptoticker.io/en/token" rel="noopener noreferrer nofollow"><i>cryptocurrency market</i></a><i> took a significant hit this weekend as Bitcoin price dropped below the $56,000 mark, triggering a wave of sell-offs across altcoins. With mounting fears of a further decline, the market remains volatile and uncertain. Here are the major crypto market crash news.</i></p>
<h2 id="strong-crypto-market-crash-news-strong"><strong>Crypto Market Crash News</strong></h2>
<figure class="image"><img src="https://cryptoticker-strapi-media.s3.eu-central-1.amazonaws.com/By_Trading_View_Crypto_Market_Crash_2024_07_08_77ec5db778.png" alt="By Trading View - Crypto Market Crash 2024-07-08">
</figure>
<h3 id="strong-bitcoin-price-performance-strong"><strong>Bitcoin Price Performance</strong></h3>
<p>After a brief recovery on Saturday, <a href="https://partner.bitget.com/bg/cryptoticker_Bitcoin" rel="noopener noreferrer nofollow">Bitcoin</a> plummeted by 4% on Sunday, dragging the altcoin market into a bearish zone. Currently trading at around $55k, <a href="https://cryptoticker.io/en/token/BTC" rel="noopener noreferrer nofollow">Bitcoin</a> has experienced a 1.30% intraday loss, with a low of $54,296. This downward trend has extended into Monday’s early Asian trading hours, signaling potential further declines.</p>
<h3 id="strong-altcoin-impact-strong"><strong>Altcoin Impact</strong>&nbsp;</h3>
<p>The bearish sentiment has heavily impacted major altcoins. <a href="https://www.bitget.com/spot/ETHUSDT?channelCode=zpkw&amp;vipCode=94qs&amp;groupId=334813" rel="noopener noreferrer nofollow">Ethereum</a>, <a href="https://www.bitget.com/spot/SOLUSD?channelCode=zpkw&amp;vipCode=94qs&amp;groupId=334813" rel="noopener noreferrer nofollow">Solana</a>, and <a href="https://www.bitget.com/spot/TONUSDT?vipCode=94qs" rel="noopener noreferrer nofollow">Toncoin</a> have dropped by 3.99%, 5.3%, and 4.67% respectively. Meme coins have suffered even more, with <a href="https://www.bitget.com/spot/DOGEUSDT?vipCode=94qs" rel="noopener noreferrer nofollow">DOGE</a>, <a href="https://www.bitget.com/spot/SHIBUSDT?vipCode=94qs" rel="noopener noreferrer nofollow">SHIB</a>, and <a href="https://www.bitget.com/spot/PEPEUSDT?vipCode=94qs" rel="noopener noreferrer nofollow">PEPE</a> down by 6.51%, 4.95%, and 11.23%.</p>
<h2 id="strong-bitcoin-price-analysis-strong"><strong>Bitcoin Price Analysis</strong></h2>
<h3 id="strong-weekend-s-btc-price-drop-analysis-strong"><strong>Weekend's BTC Price Drop Analysis</strong>&nbsp;</h3>
<p><a href="https://www.tradingview.com/symbols/BTCUSD/?aff_id=127958" rel="noopener noreferrer nofollow">Bitcoin</a> price's sharp decline has reset the bearish trend. The 4% drop on Sunday created a bearish engulfing candle, exacerbating the bearish sentiment. Long liquidations totaled $111M on Sunday and continued with $75M early on Monday, reinforcing the downtrend.</p>
<h3 id="strong-bitcoin-network-hashrate-drawdown-strong"><strong>Bitcoin Network Hashrate Drawdown</strong>&nbsp;</h3>
<p>The <a href="https://www.tradingview.com/symbols/BTCUSD/?aff_id=127958" rel="noopener noreferrer nofollow">Bitcoin network</a>’s hashrate drawdown has reached critical levels last seen in December 2022. Historically, such drawdowns have preceded major price movements, suggesting a potential market bottom or an impending bullish phase. However, the current price action continues to signal bearish trends.</p>
<h3 id="strong-major-external-influences-mt-gox-payout-strong"><strong>Major External Influences: Mt. Gox Payout</strong></h3>
<p>The <a href="https://cryptoticker.io/en/mt-gox-will-compensate-hack-victims-in-2019" rel="noopener noreferrer nofollow">ongoing Mt. Gox payout</a> from the <a href="https://cryptoticker.io/en/mt-gox-crash-2018" rel="noopener noreferrer nofollow">collapsed crypto exchange</a> has heightened market fears. Creditors will receive Bitcoin or Bitcoin Cash over the next few months, potentially injecting around $2.71 billion into the market. This significant supply could induce further volatility.</p>
<h2 id="strong-future-outlook-and-btc-price-prediction-strong"><strong>Future Outlook and BTC Price Prediction</strong></h2>
<h3 id="strong-btc-price-prediction-strong"><strong>BTC Price Prediction</strong></h3>
<p>With the current market crash, and mostly BTC price drop over the past hours, following major news and factors, combined with the dormant <a href="https://cryptoticker.io/en/will-btc-price-crash-again-after-the-bitcoin-whale-move" rel="noopener noreferrer nofollow">Bitcoin whales activity</a>, it is not likely for BTC price crash to be over soon, and as for BTC price prediction for the next hours, it would be hard to surpass $60K or make any correction without a major positive news. However, on the long term, BTC price drop will not last and it will surge back. For the time being it will keep on bouncing between lows of $55K-$56K and slight recovery to highs of $58K.&nbsp;<br>The next significant support level for Bitcoin is at $52,000, which could serve as a bounce pad for a potential bullish rally. The death cross possibility between the 50-day and 200-day EMA further amplifies the bearish outlook.</p>
<p><img src="https://cryptoticker-strapi-media.s3.eu-central-1.amazonaws.com/By_Trading_View_BTCUSD_2024_07_08_45cec78ef3.png" alt="By TradingView - BTCUSD_2024-07-08"></p>
<h3 id="strong-crypto-market-prediction-strong"><strong>Crypto Market Prediction</strong>&nbsp;</h3>
<p>With ongoing fear, uncertainty, and doubt (FUD), the crypto market crash news is not pleasant as it is likely to continue, with its downward trajectory. With <a href="https://cryptoticker.io/en/will-btc-price-crash-again-after-the-bitcoin-whale-move" rel="noopener noreferrer nofollow">BTC price drop</a> affecting that of altcoins and meme coins. With some showing slight recovery in the next few hours.</p>
<h3 id="strong-altcoins-price-prediction-strong"><strong>Altcoins Price Prediction</strong></h3>
<p>As Bitcoin struggles, altcoins may face increased liquidations and further price drops. Investors should brace for potential downturns and market instability in the coming week. Ethereum price will struggle to regain back the $3K level or even maintain with the downtrend pressure, as for Solana price, it will drop further to $129 and correct back to $133 with a resistance level at $135, while XRP will keep on struggling to stay above $0.40, bouncing between $0.41 and $0.42 for a while.<br>&nbsp;</p>
<p><i>The crypto market crash news holds no optimism in the short term as it is navigating through turbulent times with Bitcoin leading the crypto market crash. The combination of technical indicators, market sentiment, and external factors like the Mt. Gox payout are all contributing to the current bearish trend. Staying informed and cautious is crucial for navigating this volatile period.</i></p>

Crypto Market Crash News As BTC Price Crash Back To 56K

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