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🟠CRYPTOCURRENCY MARKET BEARS MOMENTUM

🟠CRYPTOCURRENCY MARKET BEARS MOMENTUM

Day: 08 | Time: 08:30:25 Bitcoin and cryptocurrency prices resumed a bearish market momentum today following significant gains over the weekend. Bitcoin remained above $55,000 after dropping to $54,300, while Ethereum, Solana, XRP, and the rest of the market followed the decline. ETH and major altcoin prices dropped between 5% and 8%, while only Notcoin and Starknet recorded small gains. Meanwhile, PEPE was the cryptocurrency that suffered the largest decline, with a 11.1% decrease in the last 24 hours. According to Coinglass data, open positions worth $279.3 million were liquidated in the last 24 hours. The largest liquidation was of Bitcoin, followed by ETH and Solana. Overall, 80,633 investors were liquidated in the last 24 hours, with a total amount of $279.32 million. The causes of Bitcoin's decline include uncertainty in the cryptocurrency market, possible selling pressure from the German government, and the situation of Mt. Gox bankruptcy creditors. Investors are concerned about further price drops. According to Lin Chen, Asia Business Development Manager at Deribit, if the US markets show growth on July 8th, Bitcoin could hit the bottom. Chen emphasizes that attention should be focused on the opening of US stock markets on July 5th and that a potential recovery could mark the bottom for Bitcoin.

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