{"id":24297,"date":"2024-07-04T11:00:14","date_gmt":"2024-07-04T08:00:14","guid":{"rendered":"https:\/\/coinengineer.io\/?p=24297"},"modified":"2024-07-04T10:11:17","modified_gmt":"2024-07-04T07:11:17","slug":"bitcoin-dips-below-58k-for-the-first-time-in-months-leveraged-long-positions-liquidated","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bitcoin-dips-below-58k-for-the-first-time-in-months-leveraged-long-positions-liquidated\/","title":{"rendered":"Bitcoin Dips Below $58K for the First Time in Months, Leveraged Long Positions Liquidated"},"content":{"rendered":"<p>On July 4, <strong>Bitcoin<\/strong> momentarily dropped as low as $57,874 on <strong>Coinbase<\/strong>, the first time the commodity has dropped below the $58,000 mark in more than two months. Based on CoinMarketCap statistics, Bitcoin is down 3.17% for the week even if it has since steadied to trade at $58,842 at the time of publishing. Millions of leveraged long bets were destroyed during this downturn, therefore impacting traders hoping for a rise in the value of Bitcoin.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-dips-below-58k-for-the-first-time-in-months-leveraged-long-positions-liquidated\/#Effect_on_Broader_Market_and_Long_Positions\" title=\"Effect on Broader Market and Long Positions\">Effect on Broader Market and Long Positions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-dips-below-58k-for-the-first-time-in-months-leveraged-long-positions-liquidated\/#Altcoins_Market_Reaction_and_Social_Media_Opinion\" title=\"Altcoins Market Reaction and Social Media Opinion\">Altcoins Market Reaction and Social Media Opinion<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Effect_on_Broader_Market_and_Long_Positions\"><\/span>Effect on Broader Market and Long Positions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>According to CoinGlass data, almost $54.9 million in <strong>Bitcoin<\/strong> 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.<\/p>\n<p><a href=\"https:\/\/coinengineer.net\/blog\/coinbase-and-ripple-cite-binance-ruling-in-sec-cases\/\"><em><span style=\"font-weight: 400;\">This Might Interest You: Coinbase and Ripple Cite Binance Ruling in SEC Cases<br \/>\n<\/span><\/em><\/a><\/p>\n<p>The collapsed Japanese cryptocurrency exchange Mt. Gox, which is slated to make repayments of about $8.5 billion worth of <strong>BTC<\/strong> to its creditors beginning in early July, has been mostly blamed for the more general decline in Bitcoin&#8217;s price. Some experts, however, speculate that the effects of these paybacks could not be as severe as expected.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Altcoins_Market_Reaction_and_Social_Media_Opinion\"><\/span>Altcoins Market Reaction and Social Media Opinion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The declining price of <strong>Bitcoin<\/strong> also caused significant sell-offs in other main cryptocurrencies and altcoins. <strong>Ether<\/strong> 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%, <strong>BNB<\/strong> went from $573 to $539. <strong>Solana<\/strong> 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.<\/p>\n<p>Among the market volatility, references to &#8220;<em>buy the dip<\/em>&#8221; 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.<\/p>\n<p><em><a href=\"https:\/\/t.me\/coinengineernews\"><span style=\"font-weight: 400;\">Click here to get the latest news from Coin Engineer!<\/span><\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On July 4, Bitcoin momentarily dropped as low as $57,874 on Coinbase, the first time the commodity has dropped below the $58,000 mark in more than two months. Based on CoinMarketCap statistics, Bitcoin is down 3.17% for the week even if it has since steadied to trade at $58,842 at the time of publishing. Millions<\/p>\n","protected":false},"author":6,"featured_media":24299,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,657,1,2],"tags":[61,7163,5598,2910],"class_list":["post-24297","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-en","category-genel","category-news","tag-bitcoin","tag-buy-the-dip","tag-leveraged-longs","tag-liquidation"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Dips Below $58K for the First Time in Months, Leveraged Long Positions Liquidated - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-dips-below-58k-for-the-first-time-in-months-leveraged-long-positions-liquidated\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Dips Below $58K for the First Time in Months, Leveraged Long Positions Liquidated - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"On July 4, Bitcoin momentarily dropped as low as $57,874 on Coinbase, the first time the commodity has dropped below the $58,000 mark in more than two months. Based on CoinMarketCap statistics, Bitcoin is down 3.17% for the week even if it has since steadied to trade at $58,842 at the time of publishing. 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