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BlockNews
Home CRYPTO

Bitcoin Dumped Below $57,000 and here is why

Michael Juanico by Michael Juanico
July 4, 2024
in CRYPTO
Reading Time: 2 mins read
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  • Bitcoin fell below $57,000 on July 4, hitting its lowest price since February, with $305.43 million liquidated across crypto derivatives exchanges.
  • An analyst predicts that with the potential selling of bitcoins by Mt. Gox and the German government, supply could outstrip demand, leading to a further price drop.
  • Despite the current crypto sell-off, QCP Capital notes that the options market remains optimistic, with heavy interest skewed towards Ethereum calls for September and December expiries.

Bitcoin recently fell below $57,000 on July 4, reaching $56,769 per unit. This is the lowest price since February. Investors are concerned about potential bitcoin selling by the German government and the bankrupt Mt. Gox exchange.

#Bitcoin has dumped below $57,000 for the first time since May

Is this the bottom?

— BlockNews.com (@blocknewsdotcom) July 4, 2024

Bitcoin Liquidations Top $305 Million

Amid the price drop, crypto derivatives exchanges saw liquidations totaling $305.43 million. Of these, $270 million were long positions, with $926 million coming from bitcoin long positions. About 121,992 traders faced liquidations according to Coinglass.com. The largest liquidation was a BTC trade resulting in a $1.049 billion loss.

Options Market Remains Optimistic

Despite the crypto sell-off, the options market remains optimistic according to QCP Capital. The firm notes continued interest in Ethereum calls for September and December. Liquidation clusters on BTC and ETH are skewed to the upside, potentially enabling short squeezes. An Ethereum ETF approval could also spur a significant bounce.

Miners Show Signs of Capitulation

Bitcoin miners are exhibiting signs of capitulation similar to early 2022 when BTC traded at $17,000. However, the options market optimism signals potential for a rebound.

Conclusion

The bitcoin price drop has spooked some investors, but derivatives data shows the market remains cautiously optimistic. Further miner capitulation could drive the price lower in the short term. However, the options skew hints at an impending bounce if selling pressure subsides.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: BitcoincryptoethereumGerman governmentMt. Gox
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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