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Home CRYPTO

Bitcoin Dumped Below $57,000 and here is why

by Sham
July 4, 2024
in CRYPTO
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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.

Tags: BitcoincryptoethereumGerman governmentMt. Gox
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