Bitcoin price briefly dropped to $57,874 on Coinbase on July 4, falling below $58,000 for the first time in over two months. Bitcoin has since stabilized at $58,964 at the time of publication but is still down 3.4% week-on-week according to TradingView data.
Notable Data for Bitcoin
Bitcoin faced selling pressure as millions of dollars worth of long positions were liquidated in the futures market, hurting investors hoping for a price increase. According to CoinGlass data, over $54.9 million worth of Bitcoin long positions were liquidated in the last 24 hours.
Similarly, investors looking to hold long-term positions in Ethereum ahead of the expected launch of several spot Ethereum ETFs approved by the SEC in July also saw their positions liquidated. A total of $57.9 million worth of Ethereum long positions were liquidated in the last 24 hours.
Much of the broader decline in Bitcoin’s price is attributed to the bankrupt Japanese crypto exchange Mt. Gox, which plans to start repaying creditors approximately $8.5 billion worth of Bitcoin from the beginning of July. However, some analysts believe the repayments may not be as dire for Bitcoin as others think.
What’s Happening in the Altcoin Market?
During Bitcoin’s rapid drop below $58,000, other altcoins also faced sharp selling pressure. Ethereum was down 4.5% at the time of writing and briefly dropped to $3,145 during the sharp sell-off on the night of July 4. BNB fell from $573 to $539, a 6% drop at the time of writing.
Solana also experienced a 10.3% drop in the last 24 hours, giving back most of its recent gains and falling from a weekly high of $154 to $136 at the time of writing. Meanwhile, “buy the dip” sentiments surged on social media over the past two days, with its usage doubling on Reddit, X, and 4Chan during the same period.
