Published on juli 5, 2024, 12:30 am
Image source: Fox News
```json [ "TLDR: Bitcoin's value dropped to $57,874 amid broader crypto market sell-off, the first time below $58,000 in over 2 months. Currently at $58,964 with a 3.4% weekly decrease. Liquidations of leveraged long positions totaled millions. Market downturn linked to Mt. Gox repayments of $8.5 billion in BTC starting July. Other major cryptocurrencies like Ether, BNB, and Solana also experienced significant drops. Social media saw increase in 'buying the dip' mentions amidst market fluctuations." ] ```
The value of Bitcoin experienced a temporary decline, dropping to $57,874 amidst a broader sell-off across the cryptocurrency market. This dip marks the first time in over two months that Bitcoin has fallen below the $58,000 threshold. Even though Bitcoin has now stabilized at $58,964, it still reflects a 3.4% decrease over the week based on TradingView data.
This downward trend coincided with significant liquidations of leveraged long positions, with over $54.9 million in Bitcoin long positions being wiped out within the past 24 hours as reported by CoinGlass data. Similarly, Ether (ETH) traders anticipating gains ahead of upcoming spot Ether ETF launches faced similar position liquidations totaling $57.9 million in ETH long positions within the same timeframe.
The price downturn of Bitcoin has been linked to issues surrounding the defunct Japanese crypto exchange Mt. Gox, slated to initiate repayments of around $8.5 billion worth of BTC to its creditors starting early July. Despite concerns, some analysts argue that these repayments may not have as severe an impact on Bitcoin as feared.
In addition to Bitcoin’s plunge, other major cryptocurrencies and altcoins also saw sharp declines during this period. For instance, Ether dropped by 4.5%, hitting a low of $3,145 during a rapid sell-off on July 4th. Other coins like BNB and Solana also recorded losses; BNB decreased by 6%, falling from $573 to $539 while Solana fell by 10.3% from its weekly high of $154 to $136.
Interestingly, social media platforms witnessed a surge in mentions of “buying the dip” over the last two days as users discussed potential buying opportunities amidst market fluctuations. This increase in sentiment was particularly notable on platforms like Reddit, X, and 4Chan.
These recent market movements highlight the volatility and interconnected nature of the cryptocurrency world but also present opportunities for strategic investment decisions amidst fluctuating prices and investor sentiment fluctuations within this digital asset landscape.
Original article posted by Fox News
