Effect on Broader Market and Long Positions

According to CoinGlass data, almost $54.9 million in Bitcoin long bets have been sold within the last 24 hours. With $57.9 million in ETH long positions sold during the same time, traders wishing to have long exposure to Ether ahead of the expected debut of several spot Ether ETFs also suffered large losses.

This Might Interest You: Coinbase and Ripple Cite Binance Ruling in SEC Cases

The collapsed Japanese cryptocurrency exchange Mt. Gox, which is slated to make repayments of about $8.5 billion worth of BTC to its creditors beginning in early July, has been mostly blamed for the more general decline in Bitcoin’s price. Some experts, however, speculate that the effects of these paybacks could not be as severe as expected.

Altcoins Market Reaction and Social Media Opinion

The declining price of Bitcoin also caused significant sell-offs in other main cryptocurrencies and altcoins. Ether is down 4.5%; it dropped momentarily to $3,145 amid a strong sell-off around 2:00 am UTC on July 4. Dropping 6%, BNB went from $573 to $539. Solana has likewise erased much of its recent gains; from a weekly high of $154 to $136 at the time of writing, Solana dropped 10.3% in the previous 24 hours.

Among the market volatility, references to “buy the dip” have exploded on social media sites. Over Reddit, X, and 4Chan over the last two days, the word has doubled suggesting a rising attitude among traders and investors to take advantage of the current price declines.

Click here to get the latest news from Coin Engineer!

The post Bitcoin Dips Below $58K for the First Time in Months, Leveraged Long Positions Liquidated appeared first on Coin Engineer.

The cryptocurrency market made a good start to the week with Bitcoin approaching $67,000 the previous day. According to CoinGecko data, the total market value of the market increased by approximately 0.5% today to $2.57 trillion.

Everyone was curious about which direction cryptocurrencies would take after Bitcoin’s halving over the weekend. The 10x Research team warned that the market could lose strength for a few months after the halving.

QCP Capital analysts yesterday drew attention to the fact that Bitcoin’s price has historically started to rise rapidly within 50-100 days after halving.

“If the same thing happens again this time, it means BTC bulls still have a few weeks to increase their long positions,” the analysts said.

Analysts, who said that funding rates in the market have also entered negative territory for some altcoins, commented as follows:

“In the short term, we may see a short squeeze led by altcoins and meme coins where funding rates remain negative. The increase in speculative perception can carry on leveraged longs (positions).”

The post Bitcoin May Still Have Time: Altcoins to Soar For This Reason! appeared first on Coin Engineer.