Ethereum
Bitcoin suffers bloodbath, falls below $59,000. Major cryptocurrencies also land in the red
Bitcoin (BTC), the world’s oldest and most valuable cryptocurrency, has lost all of its hard-earned gains of the past few weeks and dropped below $59,000 early Thursday. Market pressures, including comments from U.S. Federal Reserve Chairman Jerome Powell about reducing inflation and increased selling pressure from Mt. Gox’s $9 billion bailout, are widely believed to have led to the recent drop. Naturally, other popular altcoins — including Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) — have seen widespread declines, with the market’s overall Fear and Greed Index sitting at 45 (neutral) out of 100, according to data from CoinMarketCap. Worldcoin (WLD), led by Sam Altman, emerged as the biggest gainer, jumping nearly 6% over 24 hours. Akash Network (AKT) emerged as the biggest loser, dropping nearly 13% over 24 hours.
At the time of writing, the global cryptocurrency market capitalization stood at $2.17 trillion, down 3.78% over 24 hours.
Bitcoin (BTC) Price Today
Bitcoin price settled at $58,890.09, registering a 0.43% decline over 24 hours, according to CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 53.21 lakh.
Ethereum (ETH) Price Today
The price of ETH stood at $3,230.37, a loss of 3.65% in 24 hours at the time of writing. According to WazirX, the price of Ethereum in India stood at Rs 2.91 lakh.
Dogecoin (DOGE) Price Today
DOGE has registered a 5.45% decline over 24 hours, according to data from CoinMarketCap, with a current price of $0.1148. According to WazirX, the price of Dogecoin in India stood at Rs 10.54.
Litecoin (LTC) Price Today
Litecoin has registered a 6.45% loss over 24 hours. At the time of writing, it was trading at $70.46. The LTC price in India was at Rs 6,352.
Ripple (XRP) Price Today
The price of XRP stood at $0.4592, registering a 4.18% decline over 24 hours. According to WazirX, the price of Ripple stood at Rs 41.52.
Solana (SOL) course today
Solana price settled at $136.51, marking a 7.77% decline over 24 hours. According to WazirX, SOL price in India stood at Rs 12,550.01.
Top Cryptocurrency Gainers Today (July 4)
According to data from CoinMarketCap, here are the top five cryptocurrency gainers over the past 24 hours:
Worldcoin (WLD)
Price: $2.31
24 hour gain: 5.34 percent
Bittensor (TAO)
Price: $234.23
24 hour gain: 0.23 percent
MultiversX (EGLD)
Price: $31.75
24 hour gain: 5.82 percent
Quantitative (QNT)
Price: $81.14
24 hour gain: 4.60 percent
MANTRA (OM)
Price: $0.8233
24 hour gain: 4.33 percent
Biggest Cryptocurrency Losers Today (July 4)
According to data from CoinMarketCap, here are the top five crypto losers over the past 24 hours:
Akash Network (AKT)
Price: $3.25
24 hour loss: 12.61 percent
Conflux (CFX)
Price: $0.1489
24 hour loss: 12.50 percent
Ghost (FTM)
Price: $0.492
24 hour loss: 11.34 percent
Beam (BEAM)
Price: $0.01579
24 hour loss: 11.16 percent
Floki (FLOKI)
Price: $0.0001565
24 hour loss: 11.16 percent
What Cryptocurrency Exchanges Are Saying About the Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live: “Bitcoin is currently trading around the $58,000-$59,000 area. This level is important as BTC faces various market pressures including outflows from spot BTC ETFs after a five-day inflow streak, selling pressure from Mt. Gox’s $9 billion release, and comments from US Federal Reserve Chairman Jerome Powell on reducing inflation, stating that more evidence is needed before considering interest rate cuts. If BTC breaks below this support level, it could potentially fall to the next support levels at $56,500, $54,800, and $50,500. Investors and traders should keep a close eye on the market.”
CoinSwitch Markets Desk noted: “BTC crashed to a fresh three-month low below $58,000 before a mini-recovery to just under $60,000. While BTC’s local low sits at $56,700, anything lower would take us to a 5-month low in BTC prices. If it doesn’t recover again, $60,000 could now become resistance. On the other hand, asset management firm Bitwise amended its S-1 filing with the US SEC and is expected to give final approvals on the ETH ETF as early as July. However, this news couldn’t stop ETH from bleeding, as it dropped over 3% yesterday.”
Rajagopal Menon, Vice President at WazirX, said, “Over the past 24 hours, over $64.2 million worth of Bitcoin long positions have been liquidated, which has intensified the selling pressure on the asset. Bitcoin failed to break the $61,000 resistance, which caused a drop to the critical $58,000 level. Further resistance is expected around the $60,000 mark as bears dominate the market, driven by liquidations, whale movements, and miner selling. Uncertainty surrounding the Federal Reserve’s interest rate decisions is also adding to Bitcoin’s volatility. Federal Reserve Chair Jerome Powell has hinted at deeper-than-expected rate cuts, though no timeline has been provided. This outlook is considered bullish for Bitcoin and major altcoins.” Additionally, a slowdown in miner sales could ease market pressure in the coming weeks.”
Sathvik Vishwanath, CEO and Co-Founder of Unocoin, said, “Bitcoin recently fell below $60,000 to $59,544, driven by a stronger US dollar supported by solid labor market data, dampening expectations of an imminent Fed rate cut. Federal Reserve Chairman Jerome Powell’s cautious stance on inflation targets has further increased uncertainty and impacted bitcoin’s trajectory. The upcoming launch of Ethereum ETF on July 8 could intensify competition in the cryptocurrency market and potentially add downward pressure on bitcoin prices as investors focus on more. Technical indicators suggest caution, with the RSI approaching oversold levels and the 50 EMA indicating resistance. Bitcoin’s immediate support lies around $59,000, which is critical to its near-term bullish outlook.”
Shivam Thakral, CEO of BuyUcoin, said: “In today’s crypto news update, the biggest news is the Bitcoin price dropping by nearly 3.40% in 24 hours to $58,822.15 at the time of writing this update. According to a report by Cointelegraph, the BTC price fell below $58,000 in two months on some exchanges before recovering. Bitcoin’s market dominance is 53.4% while Ether’s is 17.9%. The total market cap of the cryptocurrency market is $2.17 trillion, down 3.51% in 24 hours. Among the reasons for the BTC price dropping below $60,000, the potential $9 billion BTC refund by Mt. Gox is considered a major contributor.” It triggered selling pressure in the market. The recent dumping of Bitcoin by the German and US governments also added to the pressure. An unknown whale sold $810 million worth of Bitcoin in 3 minutes in the last 24 hours, further contributing to the price decline.
CoinDCX research team told ABP Live: “The cryptocurrency market has seen a significant decline, with BTC dropping to $58,000, filling all gaps in CME futures. BTC is now at a crucial $59,000 level; losing this level could lead to a continued decline to $54,000. A reversal from here could target the top of the $72,000-$73,000 range. ETH has also fallen, bouncing off key support at $3,150. Below that, support lies at $3,050, with resistance at $3,370.”
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