On Thursday (August 1), the price of Bitcoin dropped below $63,000 at the time of writing after managing to stay above $64,000 all day.
Over the past 24 hours, the value of Bitcoin has dropped 5.1%, trading around $62,950 at the time of writing, after fallen to a low of $63,700 early this morning on Binance.
The decline in BTC’s price dragged down other cryptocurrencies as well.
Ethereum, for example, also lost just over 5.3% over the past day, trading at $3,130 as of 15:38 p.m. (UTC), as the excitement surrounding the approval of the ETH spot exchange-traded fund partially subsided.
Other of the larger cryptocurrencies such as SOL, ADA and XRP fell 9%, 6% and 9.5% respectively. In the realm of meme coins, SHIB and DOGE each lost between 6% and 8%.
The total crypto market cap dropped by 5.28% to $2.26 trillion.
In the past 24 hours $289.14 million were liquidated from the crypto market ($265.54 million in long positions and $23.59 million in shorts).
Alphractal, a cryptocurrency analysis firm, has voiced concerns about Bitcoin’s current market trajectory, suggesting it may be on the verge of entering a bear market phase.
Recent blockchain data reveals that a segment of Bitcoin investors has started selling off assets to lock in profits following a recent price surge.
CryptoCon confidently predicted an imminent bull market for Bitcoin, downplaying concerns of a recession or prolonged bear market.
Jeff Kendrick, global head of digital asset research at Standard Chartered, predicts Bitcoin could reach $200,000 by the end of 2025, regardless of the outcome of the 2024 US presidential election.