Bitcoin

Impact

April

Drops

Higher

<ul>
 <li>The crypto market witnessed $300M in liquidations within the past 24 hours as Bitcoin dropped below $60,000.&nbsp;</li>
 <li>Bitcoin Miners Capitulate as 7.7% Hashrate Drop Post- Halving Spells Possible Market Bottom.</li>
 <li>Market downturn linked to FTX collapse, upcoming Mt. Gox rehabilitation, and investor panic selling amid negative news.</li>
</ul>
<p>Over the past 24 hours, the <a href="https://cryptonewsland.com/crypto-market-bleeds-corrections-runs-rampant-last-correction-before-golden-bull-cycle/" rel="noopener noreferrer nofollow">crypto market</a> witnessed slightly over $300 million in liquidation. This major price sell-off directly affected Bitcoin since it dropped below the $60,000 mark. As the market remains in red, many investors are concerned about the potential for a larger correction.</p>
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   <p lang="en" dir="ltr">NEW: OVER $300M WORTH OF CRYPTO LIQUIDATIONS HAVE TAKEN PLACE IN THE PAST 24 HOURS <a href="https://t.co/pUnNRFIJCb" rel="noopener noreferrer nofollow">pic.twitter.com/pUnNRFIJCb</a></p>— DEGEN NEWS (@DegenerateNews) <a href="https://twitter.com/DegenerateNews/status/1808685821869887937?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 4, 2024</a>
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<p>At <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">$58,884.61</a>, Bitcoin has dropped by 3.22% in the last 24 hours. This price point has been acting as a critical support since April and Bitcoin has rebounded from this region before. Despite the recent downturn, historical data suggests that Bitcoin may once again recover from this level, as it has done before.</p>
<h3 class="wp-block-heading" id="h-miner-capitulation-and-market-bottom"><strong>Miner Capitulation and Market Bottom</strong></h3>
<p>The symptoms of capitulation displayed by Bitcoin miners are frequently linked to market bottoms. According to data from <a href="https://cryptoquant.com/community/all?tab=dashboard" rel="noopener noreferrer nofollow">CryptoQuant</a>, the newest halving event reduced the network hash rate of Bitcoin by 7.7%. This drop in mining rewards, without a respective increase in price, has many miners under extreme financial pressure. Historically, miner capitulation cycles occur during major market events or protocol changes, and the current situation appears to be following this pattern.</p>
<p><img decoding="async" width="602" height="333" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXeLwMSigVr6XR_MkmknqoAnbAZ0_sfcNf2M0WzNar9tUHBz2rO7d4pESKuDw1j6bNLW7TLcVED24gqEBIaD7Epjz0z8SYBgalB-XKkLAEIH3yvfh6xCR4EDqi4b12KcGGCC7SZyKIB1dGXtF3sCLwFEA-M?key=ASFKAYb1alXIXfLSNGayyQ"></p>
<p>Source: <a href="https://x.com/CoinDesk/status/1808681043047616833" rel="noopener noreferrer nofollow">CoinDesk on X</a></p>
<h3 class="wp-block-heading" id="h-impact-of-major-market-events"><strong>Impact of Major Market Events</strong></h3>
<p>Subsequently, after the fall of the FTX cryptocurrency exchange towards the end of 2022, there has been an observable market downturn with visible drops in the price and network hash rate of Bitcoin.</p>
<p>This halving incident is again very stressful for the mining industry and creates several speculations for further market corrections. Popular trader Daan Crypto Trades (<a href="https://x.com/DaanCrypto" rel="noopener noreferrer nofollow">@DaanCrypto</a>) predicts that the upcoming Mt. Gox rehabilitation program could introduce additional selling pressure, potentially leading to another</p>
<p>Many experts regard this to be a transitory current weakness that ultimately turns out to represent a buy-the-dip opportunity. In numerous instances, Bitcoin and the broader cryptocurrency market have returned to life from some of the most daunting stress periods. According to most market analyses and experts, the current packing conditions are rough and regular rotations within cryptocurrency markets.</p>
<h3 class="wp-block-heading" id="h-reasons-for-the-market-dip"><strong>Reasons for the Market Dip</strong></h3>
<p>Several factors have contributed to the recent dip in the overall crypto market. Key reasons include financial strain on miners due to reduced block rewards and insufficient price increases post-halving, the impact of significant events like the FTX collapse and the upcoming <a href="https://cryptonewsland.com/mt-gox-creditors-to-receive-fewer-bitcoins-than-expected-easing-market-pressure/" rel="noopener noreferrer nofollow">Mt. Gox rehabilitation</a>, and general market anxiety leading investors to react to negative news with panic selling.</p>
<h4 class="wp-block-heading" id="h-read-also">Read also</h4>
<ul class="wp-block-yoast-seo-related-links yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/rising-economic-strain-leads-to-higher-faith-in-bitcoin/" rel="noopener noreferrer nofollow">Rising Economic Strain Leads to Higher Faith in Bitcoin</a></li>
 <li><a href="https://cryptonewsland.com/bitcoin-miner-capitulation-at-yearly-high-similar-to-pre-bull-runs/" rel="noopener noreferrer nofollow">Bitcoin Miner Capitulation at Yearly High Similar to Previous Pre-Bull Runs</a></li>
 <li><a href="https://cryptonewsland.com/bitcoin-miners-face-sustained-capitulation-amid-falling-prices/" rel="noopener noreferrer nofollow">Bitcoin Miners Face Sustained Capitulation Amid Falling Prices</a></li>
 <li><a href="https://cryptonewsland.com/teslas-300m-bitcoin-hoard-a-shrewd-investment-or-reckless-gamble/" rel="noopener noreferrer nofollow">Tesla’s $300M Bitcoin Hoard: A Shrewd Investment or Reckless Gamble?</a></li>
 <li><a href="https://cryptonewsland.com/japanese-exchange-loses-300m-in-bitcoin-will-this-spur-global-crypto-regulation/" rel="noopener noreferrer nofollow">Japanese Exchange Loses $300M in Bitcoin: Will This Spur Global Crypto Regulation?</a></li>
</ul>
<p>The post <a href="https://cryptonewsland.com/crypto-market-tumbles-bitcoin-drops-below-60000-amid-300m-liquidations-and-miner-strain/" rel="noopener noreferrer nofollow">Crypto Market Tumbles: Bitcoin Drops Below $60,000 Amid $300M Liquidations and Miner Strain</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Crypto Market Tumbles: Bitcoin Drops Below $60,000 Amid $300M Liquidations and Miner Strain

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