The Bitcoin (BTC) price briefly fell to $57,874 on July 4, marking the first time the asset has fallen below $58,000 in two months.
Since then, BTC’s price action has stabilized and at the time of publication, it was trading at $58,964. However, according to TradingView data, it is down 3.4% this week.
The Bitcoin price crash came as investors looking to make leveraged bets on a price rise saw millions of dollars in long positions wiped out.
According to data from CoinGlass, more than $64.2 million worth of Bitcoin long positions have been liquidated in the last 24 hours.
Other major coins and altcoins have also seen significant price drops, with Ethereum (ETH) currently down 4.5% on the day, briefly dropping to $3,145 at 2:00 AM UTC on July 4.
Meanwhile, Binance Coin (BNB) fell 6% on the day, dropping from $573 to $539 at press time.
Solana (SOL) has also pared back much of its recent gains, falling 10.3% over the last 24 hours, plunging from a weekly high of $154 to $136 at press time.
This is a working story, so we’ll add more information as it becomes available.