Bitcoin slumps as market braces for Mt. Gox repayments and traders face liquidations.
And Bitcoin keeps going down.
The world's biggest crypto dropped below $59,000 on Thursday, July 4, 2024, hitting lows we haven't seen since late April.
At one point, Bitcoin touched $57,874 on Coinbase before bouncing back a bit to $58,764. That's still a 3.4% drop over the past week.
It's not just Bitcoin experiencing the decline. Ethereum fell 4%, while Solana and Dogecoin took even bigger hits, dropping up to 8%.
So, what's behind this crypto slide?
Tom Lee from Fundstrat thinks there's a silver lining, though. He told CNBC, "[Mt. Gox] was a huge overhang for many years [but knowing] that is going to disappear in July, I think it’s a reason to expect a pretty sharp rebound in the second half"
The market shake-up has been rough on traders. Over $237.91M in long positions got wiped out in just 24 hours, according to Coinglass.
Source: Coinglass
But not everyone's sure we've hit bottom yet. Kudret Ayyldr at GCM Investment thinks we might see Bitcoin drop to the $48,000-$50,000 range.
As for what's next, all eyes are on those Mt. Gox repayments. How that plays out could set the tone for Bitcoin's price in the weeks to come.