Solana

Bitcoin

Coin

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">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/83631831-9e9a-4961-83eb-56cc85eda98c.png" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin fell below $58,000 for the first time in two months. Source: TradingView
 </figcaption>
</figure>
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="">
 <figcaption style="text-align: center;">
 Nearly $60 million in Bitcoin longs have been wiped in the last 24 hours. Source: CoinGlass
 </figcaption>
</figure>
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

Outros artigos publicados em 4 de jul. de 2024

MoonBag Referral Programme: Win Monthly Prizes and Enjoy Tax-Free Crypto Benefits!

Neo (NEO) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Ethereum Team Introduces EIP-7732

Bitcoin Price Crash Is Buy Opportunity As Wallets Holding 10+ BTC Reaches New ATH

Why Tether (USDT) on TRON (TRX) is Vital for Businesses Targeting Emerging Markets

XRP Poised for Potential Rebound as Ripple Ecosystem Grows

Join our free newsletter for daily crypto updates!