Bitcoin and Cryptocurrency Market Update
Today, Bitcoin and crypto prices regained bearish momentum after significant weekend gains. Bitcoin (BTC) hovered around $55,000, down from $54,300, while Ethereum (ETH), Solana (SOL), XRP, and the wider market all experienced a decline. ETH and major altcoin prices dropped by 5% to 8%, whereas Notcoin (NOT) and Starknet (STRK) saw slight gains.
On the other hand, PEPE suffered the most significant loss, plummeting by 11.1% in the last 24 hours, followed by Jupiter (JUP) and Dogwifhat (WIF). Coinglass data revealed liquidated leveraged positions totaling $279.3 million, comprising $113 million in short positions and $165.7 million in long positions. Bitcoin led in liquidations with $115.9 million, trailed by ETH with $50 million and Solana with $15 million. A total of 80,633 investors faced liquidation, with the largest single one at $22.24 million on the BTC/USDT pair on OKX.
Reasons for Bitcoin's Decline
Bitcoin's fall can be attributed to uncertainty in the crypto market, potential selling pressure from the German government, and lingering concerns like over 100 thousand creditors awaiting cryptocurrency funds from the Gox bankruptcy estate. This uncertainty and selling pressure raise investors' fears of further declines. Lin Chen, Deribit's Asia Business Development Head, suggested that if US markets show growth on July 8, Bitcoin might stabilize. He noted that despite Bitcoin's weekend recovery, market sentiment remains subdued this week. Chen emphasized the importance of monitoring US stock market performance on Monday, stating a potential end to Bitcoin's bottom wave if stocks rise.
This is not investment advice.
