The **Bitcoin** price has taken a dip, falling below **$60,000** and registering a **3.88%** decline. This downturn has led to a surge in liquidations, with over **$8 million** worth of long positions being liquidated. This drop coincides with **Federal Reserve Chair Jerome Powell**'s recent statement that cutting rates too soon could "undo the good work we've done to bring down inflation." This suggests a more cautious approach to rate cuts, which could further impact the **crypto market** and contribute to the ongoing bearish sentiment.

U.S. rate cut soon? Unlikely. The Fed Chair Powell said if rates are cut too soon it might "undo the good work we've done to bring down inflation."

Bitcoin Slumps Below $60,000 as Liquidations Surge

Bitcoin (BTC) fell below $59,000 on Thursday, its lowest point since late April, as fears of selling pressure from the upcoming Mt. Gox repayments and potential miner sales weighed on the market.  The Mt. Gox exchange, which suffered a major hack in 2014, will begin distributing stolen assets to clients in July 2024, potentially adding selling pressure to both bitcoin and bitcoin cash (BCH) markets. The sell-off began shortly after Tokyo equity markets opened, and other major cryptocurrencies like Ether (ETH) and Solana’s SOL also declined. Futures trades betting on higher prices saw over $230 million in liquidations in the past 24 hours, with BTC and ETH futures leading the losses. This data suggests leverage is being effectively washed out of popular futures products, indicating a potential decline in price volatility.  Trading firm QCP Capital anticipates a subdued market in the next quarter due to uncertainty surrounding the Mt. Gox bitcoin supply release.  

Solana’s SOL and dogecoin (DOGE) lead losses among major tokens, with the CoinDesk 20 index down 4.8%.

Bitcoin Drops Below $59K as Mt. Gox Repayments and Miner Sales Weigh on Market

The cryptocurrency landscape is witnessing a shift in power dynamics as **Ethereum** emerges as the top revenue generator in the blockchain ecosystem, surpassing **Bitcoin**. In 2023, **Ethereum** generated $2.728 billion in revenue, compared to **Bitcoin's** $1.302 billion, largely driven by the **Ethereum** blockchain's dominance in **Decentralized Applications (dApps)** and **smart contracts**. The boom in sectors like **decentralized finance (DeFi)** and **non-fungible tokens (NFTs)** has contributed significantly to **Ethereum's** success, with the first quarter of 2024 marking a record high of $1.17 billion in transaction fee revenue, an 80% increase from the previous quarter.  While **Bitcoin** remains a strong contender, **Ethereum's** surge in revenue highlights its growing role in the evolving crypto landscape.  Analysts foresee significant capital inflows in the coming months, driven by factors like the imminent launch of **Ethereum ETFs** and the continuous growth of the **Bitcoin** ecosystem.

The race for revenues in the crypto universe is intensifying, with Ethereum taking a significant lead over its historical rival, Bitcoin.

Ethereum Dominates Bitcoin in Blockchain Revenue: A New Chapter in the Crypto Wars

Despite Bitcoin's recent slump to its lowest level since May, a surge in "buy the dip" mentions on social platforms like Reddit, X, 4chan, and Bitcoin Talk indicates a potential bullish sentiment among some traders. Crypto research firm Santiment observed a doubling of these mentions over the past two days, suggesting that some investors see this as a buying opportunity. However, other market analysts remain cautious, citing factors like Mt. Gox's upcoming Bitcoin release and lackluster inflows into Bitcoin ETFs.  The Crypto Fear and Greed Index currently sits in the "Fear" zone, reflecting overall uncertainty in the market. While some are optimistic about a rebound, particularly following the Mt. Gox event, others anticipate a potential correction to the $48-50,000 range.

Optimistic crypto traders are telling market pessimists to take full advantage of Bitcoin’s price fall, Santiment data shows. 

Bitcoin 'Buy the Dip' Sentiment Surges Amid Price Slump

The crypto market experienced a significant downturn, resulting in over **$200 million in liquidations** as **Bitcoin and Ethereum prices plummeted**. Both cryptocurrencies have seen a **12% decline over the past 30 days**. While experts and analysts express cautious optimism, the recent price drop highlights the **volatility inherent in the crypto market**. The decline in prices is attributed to various factors, including **investor sentiment, macroeconomic conditions, and regulatory uncertainty**. However, some experts believe that the current downturn presents a **buying opportunity** for investors with a long-term perspective. Despite the recent dip, the **crypto market remains resilient** and continues to attract new investors and developers.

Both Bitcoin and Ethereum are down 12% over the past 30 days, although there are some hopeful signs, according to experts and analysts.

Bitcoin and Ethereum Prices Drop, Triggering $200 Million in Liquidations

Bitcoin mining company **Riot Platforms** experienced a significant boost in June, with its deployed hash rate surging by 50% to reach 22 EH/s. This remarkable increase led to a nearly 20% jump in Bitcoin production, allowing Riot to mine 255 BTC. The company's hash rate now surpasses CleanSpark and Core Scientific, placing it second only to Marathon Digital's 31.5 EH/s.  This impressive growth stemmed from completed miner installations at the Corsicana facility and utilization of additional capacity at the Rockdale facility.  Riot's CEO, Jason Les, described June as a “historic month,” as the company exceeded its mid-year deployed hash rate target of 21.4 EH/s. The company holds all the Bitcoin mined in June, adding to its total stash of 9,334 BTC, currently valued at $561.6 million.  While the mined Bitcoin quantity is down 45% year-on-year due to the Bitcoin halving event in April, Riot is confident in its future growth trajectory. The company aims to reach a hash rate of 31.5 EH/s by the end of 2024 and eventually reach 100 EH/s by 2027 or shortly after.  Despite the positive developments, RIOT's share price experienced a 1.5% decline on Wednesday, closing at $9.57. This decline reflects the broader market sentiment, with RIOT's share price down 37.9% in 2024 and 28.3% over the last year.

Bitcoin mining firm Riot Platforms upped its Bitcoin production by nearly 20% after its deployed hash rate increased 50% in June.

Riot Platforms Bitcoin Mining Soars: Hash Rate Surges 50% in June

**Bitcoin (BTC)** has been experiencing a period of **volatility compression**, which often precedes **sharp range expansions** in the market. While the price has been slumping and sentiment is currently **apathetic**, **on-chain metrics** suggest that a larger move is brewing.

**Glassnode**, a market intelligence firm, points to the **Market Value Realized Value (MVRV) ratio** as an indicator of investor profitability. Despite the recent correction, **Bitcoin investors remain remarkably profitable**, with the average coin still holding a **two-time profit multiple**. This suggests a level often associated with the **'Enthusiastic' bull market phase**.

**Bitcoin's True Market Mean (TMM)**, which represents the average cost basis per active investor, is currently valued at **$50,000**. Glassnode believes that maintaining a price above this level is crucial for **continued bull market momentum**. However, a report by **10X Research** suggests that if **Bitcoin fails to hold above $60,000**, it could swiftly drop to lower support levels, potentially reaching **$50,000**.

**Volatility compression**, characterized by a decrease in price fluctuations across multiple timeframes, often signals an impending **large market move**. The **Realized Volatility** across various timeframes has exhibited a negative 30-day change, indicating that **volatility is compressing and investor expectations are aligning with lower volatility**. This compression, particularly after extended consolidation periods, usually precedes **significant price movements**.

Furthermore, **Bitcoin's Sell-Side Risk Ratio**, which measures the balance of realized profit and loss locked in by investors, has contracted to historic lows. This suggests **equilibrium within the current trading range and heightened volatility expectations**. Overall, the current market conditions indicate that **the next range expansion is likely nearing**. This analysis is for informational purposes only and not investment advice.

Bitcoin price continues to slump but data from Glassnode suggests the volatility compression will be followed by a sharp range expansion.

Bitcoin Poised for a Big Move: Volatility Compression Hints at Range Expansion

Despite a recent dip, **Bitcoin is expected to rebound in 2024 and reach $150,000 by December**, according to **Fundstrat's head of research, Tom Lee**. This surge would represent a **138% increase** from current levels.  Lee attributes the recent decline to the impending distribution of funds from the hacked crypto exchange Mt. Gox, but believes this will be a catalyst for a strong rebound in the second half of the year. While Bitcoin's market cap sits at $1.2 trillion, the cryptocurrency has experienced an 18% slide in the second quarter of 2024. However, **experts remain optimistic**, with some predicting Bitcoin will hit $100,000 during the November elections. The **nascent asset class continues to attract investors**, who are anticipating further growth in the future.

The world's top cryptocurrency faced a temporary dip on Wednesday, but analysts see this as a minor setback.

Bitcoin Slumps Below $60,000 as Liquidations Surge

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Other Latest News

Bitcoin Drops Below $59K as Mt. Gox Repayments and Miner Sales Weigh on Market

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Bitcoin 'Buy the Dip' Sentiment Surges Amid Price Slump

Bitcoin and Ethereum Prices Drop, Triggering $200 Million in Liquidations

Riot Platforms Bitcoin Mining Soars: Hash Rate Surges 50% in June

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Other Latest News

Bitcoin Drops Below $59K as Mt. Gox Repayments and Miner Sales Weigh on Market

Ethereum Dominates Bitcoin in Blockchain Revenue: A New Chapter in the Crypto Wars

Bitcoin 'Buy the Dip' Sentiment Surges Amid Price Slump

Bitcoin and Ethereum Prices Drop, Triggering $200 Million in Liquidations

Riot Platforms Bitcoin Mining Soars: Hash Rate Surges 50% in June

Bitcoin Poised for a Big Move: Volatility Compression Hints at Range Expansion

Bitcoin Price Prediction: $150,000 by Year's End?