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🟠CRYPTO MARKETS RESUME BEARISH TREND

🟠CRYPTO MARKETS RESUME BEARISH TREND

Day: 08 | Time: 10:32:45 Bitcoin and cryptocurrency prices have resumed a bearish market momentum after significant gains over the weekend. Currently, Bitcoin has stabilized above $55,000, after dropping to levels of $54,300, while Ethereum, Solana, XRP, and the broader market have followed suit. ETH and major altcoin prices have fallen between 5% and 8%, while only Notcoin and Starknet have recorded small gains. Meanwhile, PEPE has become the cryptocurrency with the largest loss, with a decrease of 11.1% in the last 24 hours. According to Coinglass data, leveraged positions worth $279.3 million were liquidated in the past 24 hours, of which $113 million were short positions and $165.7 million were long positions. The largest liquidation occurred in Bitcoin, with $115.9 million, followed by ETH with $50 million and Solana with $15 million. Overall, 80,633 investors were liquidated in the past 24 hours, with a total amount of $279.32 million. The largest single liquidation occurred in the BTC/USDT trading pair, worth $22.24 million on the OKX platform. The reason for Bitcoin's decline is attributed to uncertainty in the cryptocurrency market, possible selling pressure from the German government, and negativity surrounding the Mt. Gox bankruptcy, which left over 100,000 creditors waiting for cryptocurrency funds. Investors are concerned about the possibility of further declines. According to Lin Chen, Head of Business Development in Asia at Deribit, the largest options platform, if US markets show growth on July 8th, Bitcoin could see a bottom. Chen emphasized that despite Bitcoin's slight recovery over the weekend, market sentiment is still stagnant this week. He stated that attention should be paid to the opening of US stock markets on Monday for BTC, and if stock markets rebound, it could be a signal that Bitcoin's bottom has been reached.

Bitcoin and crypto prices today regained bearish market momentum following significant gains seen over the weekend.
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