---
title: "Bitcoin Price Crashes Toward $58K as Liquidations Surpass $250 Million"
url: https://diffcoin.com/bitcoin-price-crashes-toward-58k-as-liquidations-surpass-250-million/
description: "Bitcoin's price dipped below $58K as the total liquidations reached $260M."
published: 2024-07-04
updated: 2024-07-04
author: "Mila"
site: "Diffcoin"
---

# Bitcoin Price Crashes Toward $58K as Liquidations Surpass $250 Million

Bitcoin’s price tumbled below $60K today, rendering the entire move up toward $63K from earlier – a bull trap.

At the time of this writing, BTC trades at around $58.8K but it reached a low of about $57,800 earlier.

![BTCUSD_2024-07-04_09-16-55](data:image/svg+xml;base64,PHN2ZyB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciIHZpZXdCb3g9IjAgMCAyNjQ4IDE3NzIiIHdpZHRoPSIyNjQ4IiBoZWlnaHQ9IjE3NzIiIGRhdGEtdT0iaHR0cHMlM0ElMkYlMkZjcnlwdG9wb3RhdG8uY29tJTJGd3AtY29udGVudCUyRnVwbG9hZHMlMkYyMDI0JTJGMDclMkZCVENVU0RfMjAyNC0wNy0wNF8wOS0xNi01NS5wbmciIGRhdGEtdz0iMjY0OCIgZGF0YS1oPSIxNzcyIiBkYXRhLWJpcD0iIj48L3N2Zz4=)

Source: TradingView

This puts Bitcoin on a decline of 3.7% for the past 24 hours and 3.6% for the past week. Most of the altcoins are also deep in red.

Ethereum lost 4.4%, Solana – 9.3%, BNB – 5.4% – all in the last day.

This is the reason the total liquidations are also ramping up. At the time of this writing, data from Coinglass reveals that there were $262M, $233M of which are long positions.

As CryptoPotato reported, meme coins also plummeted. Shiba Inu (SHIB) fell by some 6% on the day, putting its weekly loss to 8%. Other meme coins are also down. WIF dropped by 10%, FLOKI – by 11%, MEW – by 13%, POPCAT – by 17%, and so forth.

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[Source link](https://cryptopotato.com/bitcoin-price-crashes-toward-58k-as-liquidations-surpass-250-million/)