Solana

Bitcoin

Elon

Million

In a turbulent 24-hour trading session, the cryptocurrency market saw nearly $200 million wiped out in liquidations as Bitcoin price <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-drops-below-60000-key-reason-explained/" target="_blank" rel="noopener ">dropped below $61,000</a>. This sharp decline triggered a wave of liquidations, affecting many investors and traders. 
<h2 id="market-meltdown-and-crypto-liquidation">Market Meltdown And Crypto Liquidation</h2> 
The total market valuation has plunged by approximately 2.7% to around $2.34 trillion, underscoring heightened volatility and market stress. 
Bitcoin, leading the downturn, shed 1.3% over the week, with a steep 2.8% drop recorded in the last day. This downturn has not only decreased the value of many investors’ portfolios but has also led to substantial losses for traders via liquidations. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/jxq36S73/" alt="Bitcoin (BTC) price chart on TradingView" width="2770" height="1496"> 
<a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener nofollow">Data</a> from Coinglass highlights the extent of the carnage, with 59,816 traders liquidated and total liquidations amounting to $170.72 million. 
The liquidations were predominantly from long positions, suggesting that many traders expected the <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-is-hitting-range-bottom/" target="_blank" rel="noopener ">market to rally</a>. Bitcoin traders faced approximately $45.76 million liquidations, with Ethereum and Solana traders experiencing $44.55 million and $11.09 million, respectively. 
<img loading="lazy" decoding="async" class="wp-image-627677 size-large" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot-2024-07-03-at-17.54.21.png?w=860&amp;resize=860%2C449" alt="Bitcoin and others total liquidations." width="860" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot-2024-07-03-at-17.54.21.png?w=2427 2427w, https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot-2024-07-03-at-17.54.21.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot-2024-07-03-at-17.54.21.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot-2024-07-03-at-17.54.21.png?w=860&amp;resize=860%2C449 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot-2024-07-03-at-17.54.21.png?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot-2024-07-03-at-17.54.21.png?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot-2024-07-03-at-17.54.21.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot-2024-07-03-at-17.54.21.png?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
The arena for these liquidations was on major exchanges like Binance, OKX, Huobi, and Bybit, with Binance traders bearing the brunt at $74.77 million. 
While other exchanges such as OKX, Huobi, and Bybit also experienced <a href="https://www.newsbtc.com/bitcoin-news/crypto-analyst-bitcoin-78700-btc-breaks-resistance/" target="_blank" rel="noopener ">significant liquidations</a>, amounting to $54.29 million, $19.28 million, and $12.93 million, respectively. Despite also facing liquidations, the smaller exchanges had a comparatively minor impact. 
<img loading="lazy" decoding="async" class="wp-image-627678 size-large" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot-2024-07-03-at-17.54.49.png?w=860&amp;resize=860%2C462" alt="Total liquidations from crypto exchanges." width="860" height="462" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot-2024-07-03-at-17.54.49.png?w=2416 2416w, https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot-2024-07-03-at-17.54.49.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot-2024-07-03-at-17.54.49.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot-2024-07-03-at-17.54.49.png?w=860&amp;resize=860%2C462 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot-2024-07-03-at-17.54.49.png?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot-2024-07-03-at-17.54.49.png?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot-2024-07-03-at-17.54.49.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot-2024-07-03-at-17.54.49.png?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
<h2 id="analysts-viewpoint-on-bitcoin-current-performance">Analysts’ Viewpoint On Bitcoin Current Performance</h2> 
Despite the current downturn, some market analysts <a href="https://www.newsbtc.com/news/bitcoin/fundstrat-bitcoin-reach-15000/" target="_blank" rel="noopener ">remain optimistic</a> about Bitcoin’s prospects. PlanB, a respected figure in the crypto community, <a href="https://www.youtube.com/watch?v=WeU2OQICGbs" target="_blank" rel="noopener nofollow">reaffirmed</a> that the bull market is still ongoing, suggesting that underlying on-chain metrics do not show any abnormalities that would indicate a prolonged bear market. 
Additionally, crypto analyst Ali recently suggested on Elon Musk’s social media, X, that now might be an opportune time to buy Bitcoin, anticipating a market rebound. 
<blockquote class="twitter-tweet"> 
 The TD Sequential, which told us to buy <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#Bitcoin</a> at $60,000 on June 28 and sell at $63,200 on July 1, is telling us to buy <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">$BTC</a> again! <a href="https://t.co/JJzQtVJcBh" target="_blank" rel="noopener nofollow">pic.twitter.com/JJzQtVJcBh</a> 
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1808492413268210133?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">July 3, 2024</a>
</blockquote> 
Furthermore, vocal Bitcoin advocate Samson Mow has emphasized the importance of Bitcoin in addressing fundamental economic issues, suggesting that fixing monetary systems could be the key to broader economic recovery. 
<blockquote class="twitter-tweet"> 
 Governments, you can’t fix the economy because the money is broken. You must fix the money first. <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#Bitcoin</a> 
 — Samson Mow (@Excellion) <a href="https://twitter.com/Excellion/status/1808372340918833423?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">July 3, 2024</a>
</blockquote> 
His views highlight the potential of Bitcoin not only to recover but also to <a href="https://www.newsbtc.com/bitcoin-news/buckle-up-here-is-why-bitcoin-might-just-be-gearing/" target="_blank" rel="noopener ">reach new heights</a> in the financial landscape. 
Featured image created with DALL-E, Chart from TradingView

Crypto Carnage: Nearly $200 Million Liquidated as Bitcoin Slips Below $61,000

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