The price of Bitcoin (BTC) briefly dipped as low as $57,874 on July 4, the first time the asset has fallen below the $58,000 mark in more than two months.
BTC’s price action has since leveled out and is currently trading for $58,964 at the time of publication, but still down 3.4% on the week, per TradingView data.
Bitcoin’s price slump comes as traders looking to make leveraged bets on price increases have seen millions in their long positions wiped out.
More than $64.2 million in Bitcoin long positions have been liquidated in the last 24 hours, according to data from CoinGlass.
Other majors and altcoins have witnessed significant slumps in price as well, with Ether (ETH) currently down 4.5% on the day, and briefly falling as low as $3,145 during the sharp sell of at 2am UTC on July 4.
Meanwhile Binance Coin (BNB) is down 6% on the day falling from $573 to $539 at the time publication.
Solana (SOL) also pared much of its recent gains, dropping 10.3% in the last 24 hours, plunging from a weekly high of $154 to $136 at the time of publication.