The price of Bitcoin briefly dropped to $57,874 amid a wider sell-off in the crypto market, while $54.9 million in Bitcoin long positions have been liquidated in the last 24 hours.
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) price action has since leveled out to trade for $58,964 at the time of publication, but 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.
