Bitcoin Drops Below $58,000 for First Time in Two Months Amid Major Liquidations

On July 4, Bitcoin‘s price briefly dropped to $57,874 on Coinbase, marking its first dip below $58,000 in over two months. Since then, it has stabilized at $58,964 but remains down 3.4% for the week, according to TradingView. This slump is attributed to the liquidation of leveraged long positions. Data from CoinGlass reveals that more than $54.9 million in Bitcoin long positions were liquidated within the past 24 hours. “Nearly $60 million in Bitcoin longs have been wiped in the last 24 hours,” states CoinGlass. Ether traders also faced significant losses ahead of the anticipated launch of several spot Ether