Bitcoin Hits 2-Month Lows Below $58,000

Jul 4, 2024 By MarketDepth

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Bitcoin (BTC) has hit a 2 month low after fear arises over liquidation of previous frozen assets from a major exchange. Mt. Gox which was hacked years prior has had tokens being repaid to users and those coins have hit the market. The liquidations have added selling pressure to the volatile price of bitcoin. The Binance exchange alone has seen a $110 million liquidation as the value of the coin continues to plummet.

The liquidations in Bitcoin have dragged down the whole sector as Ethereum and Solana were the leaders. Analysts still stand very bullish on the price of bitcoin in the long term but as the sector deals with some negative news over the past few months the expectation is the price will continue to climb.

Bitcoin hit a low of $56,700 and is currently sitting around $57,000 which is a far ways from over $70,000 which was seen earlier in the year.