On Thursday, July 4th, the price of Bitcoin dropped to its lowest point in two months, falling below a key support level.
Over the past 24 hours, the value of Bitcoin has decreased by 3%, trading around $59,000 at the time of writing the article, after dropping to its lowest value of $57,900 on Binance.
This decline was influenced by various types of selling pressure, particularly due to concerns related to the failed crypto exchange Mt. Gox, which caused traders to withdraw from cryptocurrencies.
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Fear of potential widespread selling has caused investors to take a cautious stance towards Bitcoin, causing a ripple effect in the broader cryptocurrency market.
The decline in the value of BTC also pulled down other cryptocurrencies, for example, Ethereum also lost 3.55% in the last day, trading at $3,232 at 08:00 am Bulgarian time, as the excitement around the approval of a spot ETH exchange-traded fund has partly subsided.
Other major cryptocurrencies such as Sol, ADA, and XRP decreased by between 4% and 9%. Meme coins SHIB and DOGE lost about 6%, while Floki Inu, Pepe, and DogeFather experienced declines of 9% to 11%.
