In early July, the price of Bitcoin briefly dipped as low as $57,900 amid a broader sell-off in the crypto market. This marked the first time in over two months that Bitcoin fell below the $58,000 mark, touching a low of $57,874 on July 4. Though Bitcoin's price stabilized to $58,964 at the time of reporting, it was still down by 3.4% for the week, according to TradingView data.
Bitcoin fell as below $58,000 for the first time in two months. Source: TradingView
Impact on Leveraged Long Positions
The price slump significantly affected traders with leveraged long positions, leading to substantial liquidations. CoinGlass data indicated that more than $64.2 million in Bitcoin long positions were liquidated in the last 24 hours.
Broader Crypto Market Declines
The sell-off wasn't limited to Bitcoin. Major cryptocurrencies and altcoins also experienced notable price declines:
Ether (ETH): Down 4.5% on the day, falling as low as $3,145 during a sharp sell-off at 2 AM UTC on July 4.
Binance Coin (BNB): Decreased by 6%, dropping from $573 to $539.
Solana (SOL): Dropped 10.3% in the last 24 hours, plunging from a weekly high of $154 to $136.
Crypto Market Overview for the First Half of 2024
The first half of 2024 has been a challenging period for the crypto market, characterized by increased regulatory scrutiny and institutional adoption. Despite these challenges, the market showed upward momentum, with total crypto market capitalization increasing over the past six months.
Key Developments in the Crypto Industry
Institutional adoption of cryptocurrency is on the rise, making it crucial to review significant market developments regularly. As we approach three years since the crypto markets peaked in late 2021, it's an opportune time to assess the state of the markets and key developments in the Web3 space.
Coinpedia's half-year report for the first half of 2024 provides a comprehensive overview of the major sectors in the crypto and Web3 space, including:
Layer-1 and Layer-2 Solutions
Stablecoins
Decentralized Finance (DeFi)
Non-Fungible Tokens (NFTs)
Institutional Adoption
For a more detailed analysis and insights, read the full article on Coinpedia’s Half-Year Crypto Market Report.
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