Weekly Market Wrap: Bitcoin Crashes Toward $57,000, Solana Loses 8% Daily

Bitcoin's (BTC) price has plunged to around $57,700, marking a more than 5% drop in the past 24 hours and a similar decrease for the week. This decline follows a steady decrease since July 1, when Bitcoin peaked above $63,500. The inability of the bulls to sustain buying pressure has allowed sellers to drive the price down. The recent move has resulted in over $300 million worth of liquidated positions, mostly long.

The entire cryptocurrency market is experiencing significant declines, with the total market capitalization falling below $2.5 trillion, down 5% on the day. Among the hardest-hit are Solana (SOL), which has lost around 8% of its value in the past 24 hours. Other significant losers include LINK (-8.5%), SHIB (-8.6%), and PEPE (-11%). Meme coins, in particular, are suffering more severe declines compared to other cryptocurrencies, charting double-digit losses.

The cryptocurrency market continues to crash, with eyes on Bitcoin's critical support level at $56K to see if it holds. The broad market downturn reflects pervasive bearish sentiment, impacting nearly all major cryptocurrencies.

$295 Million in Liquidations Across Exchanges Over Past 24 Hours

In the past 24 hours, Bitcoin dropped below $60,000, reaching a low of around $57,800, resulting in over $77 million in long positions being liquidated. The broader cryptocurrency market saw $295 million in liquidations, with Ether also experiencing significant losses. Despite the downturn, analysts note that the options market is optimistic about Ether's future, with significant interest in calls for September and December. Additionally, signs of Bitcoin miner capitulation could indicate a market bottom, historically leading to price stabilization.

Ethereum ETFs Poised for Launch as Bitwise Files Amended S-1 Form

Asset manager Bitwise has filed an amended S-1 form for an Ethereum ETF ahead of its July 8 deadline, indicating a launch is imminent. Analysts suggest these ETFs could start listing within the next two weeks, with the SEC potentially approving them by the end of next week. The SEC approved 19b-4 forms for eight spot Ethereum ETFs in May, but issuers still need their S-1 statements to become effective. Bloomberg ETF analyst James Seyffart and Eric Balchunas note that the SEC's delay might be due to minor issues or seasonal factors. Bitwise plans to waive the sponsor fee for the first $500 million in assets.

XBO Featured Coin of the Week — Bitcoin's (BTC)

Bitcoin, the first decentralized digital currency, remains the largest cryptocurrency by market capitalization. It operates on a peer-to-peer network and was created in 2009 by an unknown entity using the pseudonym Satoshi Nakamoto. Bitcoin functions as decentralized electronic cash, not backed by any government or financial institution, allowing for direct value transfers without intermediaries.

The system employs cryptography to verify and secure transactions and to control the creation of new units. Transactions are recorded on a public ledger called the blockchain, ensuring transparency and immutability of data.

Bitcoin's supply is capped at 21 million coins, with over 19.7 million already in circulation. This limited supply, coupled with increasing demand, has led to significant price volatility and market speculation.

Recognized by many merchants and businesses as a legitimate payment form, Bitcoin's popularity has spurred the creation of numerous other cryptocurrencies and digital assets. However, concerns over regulation and security have prompted caution and criticism from some financial experts and governments.

Disclaimer: Our content does not constitute financial advice. It is only intended for informational and educational purposes.