Solana

Bitcoin

Drops

Time

On July 4, <a href="https://coinmarketcap.com/currencies/bitcoin/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a>‘s price briefly dropped to $57,874 on Coinbase, marking its first dip below $58,000 in over two months.
Since then, it has stabilized at $58,964 but remains down 3.4% for the week, according to TradingView.
This slump is attributed to the liquidation of leveraged long positions.
Data from CoinGlass reveals that more than $54.9 million in Bitcoin long positions were liquidated within the past 24 hours.
“Nearly $60 million in Bitcoin longs have been wiped in the last 24 hours,” states CoinGlass.
Ether traders also faced significant losses ahead of the anticipated launch of several spot Ether ETFs, expected by mid-July. In total, $57.9 million in Ether long positions were liquidated during the same period.
Much of the blame for Bitcoin’s broader price pullback is attributed to the defunct Japanese crypto exchange Mt. Gox, which is set to begin repayments of approximately $8.5 billion worth of BTC to its creditors starting in early July.
READ MORE: <a href="https://www.cryptointelligence.co.uk/marathon-digital-holds-steady-amid-bitcoin-downtrend-advances-mining-operations-and-renewable-heating-initiatives/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Marathon Digital Holds Steady Amid Bitcoin Downtrend, Advances Mining Operations and Renewable Heating Initiatives</a>
However, some analysts believe these repayments may not have as severe an impact on Bitcoin as anticipated.
Other major cryptocurrencies and altcoins also experienced sharp declines during Bitcoin’s brief dip. Ether dropped 4.5%, briefly hitting $3,145 during a sharp sell-off at 2:00 am UTC on July 4.
BNB fell 6%, decreasing from $573 to $539 at the time of writing. Solana saw a 10.3% decline, falling from a weekly high of $154 to $136.
Meanwhile, mentions of “buy the dip” surged across social media platforms.
The use of this phrase has doubled on Reddit, X, and 4Chan over the last two days.
These recent movements in the crypto market highlight the volatility and significant impact of leveraged positions on price fluctuations.
The upcoming Mt. Gox repayments and the launch of Ether ETFs are key events that market participants are closely monitoring.
To submit a <a href="https://www.cryptointelligence.co.uk/category/press-releases/" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto press release (PR)</a>, send an email to <a href="mailto:sales@cryptointelligence.co.uk" rel="noopener noreferrer nofollow">sales@cryptointelligence.co.uk</a>.

Bitcoin Drops Below $58,000 for First Time in Two Months Amid Major Liquidations

Crypto Intelligence

Inne artykuły opublikowane 6 lip 2024

How Low Can Bitcoin Go While Cardano, TRON, and RCO Finance (RCOF) Stay In Profit?

Telegram's Hamster Kombat Reaches 239M Users, Preps for Blockchain Debut

TRON to enable gas-free stablecoin transfers in Q4 2024

Bitcoin Worth Over $1 Billion Transferred to Exchanges: Unraveling the Mystery

These Tokens Could See 100X Rise, According to Technical Indicators

Justin Sun Announces to Bring Gas-Free Stablecoin Transfers

Zapisz się na bezpłatny newsletter i otrzymuj codzień aktualności ze świata kryptowalut!