The price of Bitcoin briefly dipped as low as $57,874 on Coinbase on July 4, the first time the asset has fallen below the $58,000 mark in more than two months.
Bitcoin (BTC) has since leveled out to trade for $58,964 at the time of publication but is still down 3.4% on the week, per TradingView data.
Bitcoin’s slump comes as millions of dollars worth of leveraged long positions were wiped out, hurting traders hoping for a Bitcoin price gain.
More than $54.9 million in Bitcoin long positions have been liquidated in the last 24 hours, according to data from CoinGlass.
Similarly, traders looking to gain long exposure to Ether (ETH) ahead of the launch of several spot Ether ETFs — expected as soon as mid-July — also saw their positions wiped.
In total, $57.9 million in ETH long positions were liquidated in the last 24 hours.
Related: 3 reasons why Bitcoin analysts think a BTC price ‘cycle top’ is in
Much of the blame for the wider pullback in the price of Bitcoin has been laid at the feet of the defunct Japanese crypto exchange Mt. Gox, which is scheduled to begin repayments of approximately $8.5 billion worth of BTC to its creditors beginning in early July.
However, some analysts believe the repayments may not be as dire for Bitcoin as others believe.
Other majors and altcoins also sold off sharply during Bitcoin’s quick dip below $58,000. Ether is down 4.5% at the time of writing, briefly falling as low as $3,145 during a sharp sell-off at 2:00 am UTC on July 4.
BNB (BNB) is down 6% at the time of writing, falling from $573 to $539.
Solana (SOL) also pared much of its recent gains, dropping 10.3% in the last 24 hours, plunging from a weekly high of $154 to $136 at the time of publication.
Meanwhile, mentions of “buy the dip" have skyrocketed across social media in the last two days, with the use of the phrase doubling across Reddit, X and 4Chan in the same timeframe.
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