On Thursday, July 4, 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 this article, after dropping to its lowest value of $57,900 on Binance.
This decline was influenced by various forms of selling pressure, particularly concerns related to the failed crypto exchange Mt. Gox, which prompted traders to withdraw from cryptocurrencies.
Fear of potential widespread sell-offs has made investors take a cautious stance towards Bitcoin, causing a ripple effect in the broader cryptocurrency market.
The drop in the value of BTC also dragged down other cryptocurrencies such as Ethereum, which also lost 3.55% in the last day, trading at $3,232 as of 08:00 Bulgarian time, as the excitement over the approval of a spot ETH exchange-traded fund partly subsided.
Other major cryptocurrencies like Sol, ADA, and XRP declined by 4% to 9%. Meme coins SHIB and DOGE dropped by around 6%, while Floki Inu, Pepe, and Dogefather experienced decreases ranging from 9% to 11%.