The Bitcoin (BTC) market took a major hit earlier today, with the asset plummeting from a high of $61,055 to a low of $57,800. At the time of writing, BTC was trading at $58,854.99, down 3.60%. The rest of the market followed suit, as stalwarts Ethereum (ETH) and Solana (SOL) fell 4.40% and 8.96% respectively over the past 24 hours.
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The asset is currently trading 20.2% below its all-time high of $73,750.07. March 2024 was just four months ago when this high was reached. The price of BTC is currently at a two-month low. After years of delayed deadlines, several experts have linked the latest drop to Mt.Gox’s intention to begin refunding funds taken from customers in a breach in 2014 in July 2024. Refunds will be made in Bitcoin and Bitcoin Cash (BCH), which could put pressure on the market to sell. While the market is drowning in bearish sentiment, certain assets continue to look positive.
Also read: Bitcoin Hits $150,000, Fundstrat’s Tom Lee Confirms
Bitcoin investors remain optimistic
The Bitcoin market is divided between investors who are quick to sell during a price drop and those who continue to accumulate. Data from Santiment revealed that retail buyers are actively acquiring Bitcoin below $60,000. Santiment said:
“The crowd is showing signs that they see this as a buy-the-dip opportunity. Ideally, we wait until their enthusiasm wanes. The time to buy is when they are impatient and skeptical.”
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The image above shows how, in the two days following Bitcoin’s most recent drop, “buy the dip” references on Reddit, X, 4chan, and Bitcoin Talk have doubled. Additionally, the Crypto Fear and Greed Index, which measures investor attitudes toward Bitcoin and the cryptocurrency market as a whole, is now in the “Fear” zone with a score of 44 out of 100. On June 25, it hit an 18-month low of 31 and has been fluctuating between 30 and 53 since then.
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Also Read: Cryptocurrency: 3 Trending Coins to Buy Before Bitcoin Hits $75,000
