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<ul>
 <li>Total crypto market valuation falls below $2 trillion due to rapid declines.</li>
 <li>BTC loses $130 billion in a day, dragging down the entire market.</li>
 <li>Mt. Gox repayments, German government actions, and Bitcoin ETFs will shape the market.</li>
</ul>
<p>The <a href="https://cryptonewsland.com/why-is-the-cryptocurrency-market-currently-down/" rel="noopener noreferrer nofollow">cryptocurrency </a><a href="https://cryptonewsland.com/why-is-the-cryptocurrency-market-currently-down/" target="_blank" rel="noopener noreferrer nofollow">market</a> faced a rapid and substantial collapse at the start of this month. This resulted from the uncertainty surrounding Bitcoin (BTC). Approximately $130 billion evaporated from the market capitalization within a single day. Another wipeout of nearly the same magnitude followed within just 60 minutes.&nbsp;</p>
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   <p lang="en" dir="ltr">BREAKING: CRYPTO MARKET CAP DROPS BELOW $2 TRILLION <a href="https://t.co/VVZ0jJ8L1e" rel="noopener noreferrer nofollow">pic.twitter.com/VVZ0jJ8L1e</a></p>— DEGEN NEWS (@DegenerateNews) <a href="https://twitter.com/DegenerateNews/status/1809167868749070629?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 5, 2024</a>
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<p>These two events pushed the total crypto market cap below $2 trillion for the first time since late February. The combined valuation of all cryptocurrencies stood at $1.96 trillion as of July 5. The total crypto market cap (excluding BTC) also <a href="https://cryptonewsland.com/crypto-market-tumbles-bitcoin-drops-below-60000-amid-300m-liquidations-and-miner-strain/" rel="noopener noreferrer nofollow">plummeted by around $</a><a href="https://cryptonewsland.com/crypto-market-tumbles-bitcoin-drops-below-60000-amid-300m-liquidations-and-miner-strain/" target="_blank" rel="noopener noreferrer nofollow">150</a><a href="https://cryptonewsland.com/crypto-market-tumbles-bitcoin-drops-below-60000-amid-300m-liquidations-and-miner-strain/" rel="noopener noreferrer nofollow"> billion</a>. From $1.03 trillion on July 1 to $880 billion at press time.</p>
<h2 class="wp-block-heading" id="h-hope-amidst-the-decline">Hope Amidst the Decline</h2>
<p>There’s a glimmer of hope despite the gloomy situation. The crypto market cap is rising after falling to $1.93 trillion. However, this figure is significantly lower than the yearly high and June’s high. Currently, Bitcoin is struggling to reach $55,000, which could signal a potential recovery.</p>
<p>Several factors will influence the market’s trajectory in the coming days. Firstly, the pace of Mt. Gox’s repayments and the willingness of creditors to offload their long-awaited BTC holdings will play a crucial role.&nbsp;</p>
<p>Additionally, the German government’s actions regarding Bitcoin holdings may impact market sentiment. Expert <a href="https://twitter.com/peterschiff?lang=en" rel="noopener noreferrer nofollow">Peter </a><a href="https://twitter.com/peterschiff?lang=en" target="_blank" rel="noopener noreferrer nofollow">Schiff</a> believes that Bitcoin exchange-traded fund (ETF) buyers may incur significant losses.&nbsp;</p>
<p>He predicts that when <a href="https://bitcoin.org/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> trades below $38,000, all Bitcoin ETF buyers will be in the red. Meanwhile, BTC is trading at $54,839 having list 4.11% in the past 24 hours.</p>
<h4 class="wp-block-heading" id="h-read-also">Read Also&nbsp;</h4>
<ul class="wp-block-yoast-seo-related-links yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/bitcoin-45-trillion-market-cap-2025/" rel="noopener noreferrer nofollow">Bitcoin Could Reach $4.5 Trillion Market Cap in 2025</a></li>
 <li><a href="https://cryptonewsland.com/total-crypto-market-cap-tops-over-1-trillion-dollars/" rel="noopener noreferrer nofollow">Total Crypto Market Cap Tops Over 1 Trillion Dollars</a></li>
 <li><a href="https://cryptonewsland.com/10-trillion-market-cap-cryptos-unprecedented-potential/" rel="noopener noreferrer nofollow">$10 Trillion Market Cap: Crypto’s Unprecedented Potential</a></li>
 <li><a href="https://cryptonewsland.com/total-crypto-market-cap-keeps-pushing-up/" rel="noopener noreferrer nofollow">Total Crypto Market cap Keeps Pushing up</a></li>
 <li><a href="https://cryptonewsland.com/cryptocurrency-market-value-slumps-under-1-trillion/" rel="noopener noreferrer nofollow">Cryptocurrency market value slumps under $1 trillion</a></li>
</ul>
<p>The post <a href="https://cryptonewsland.com/crypto-market-cap-dips-below-2t/" rel="noopener noreferrer nofollow">Crypto Market Cap Dips Below $2 Trillion, WIll We See a Bottom Soon?</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Crypto Market Cap Dips Below $2 Trillion, WIll We See a Bottom Soon?

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