On July 4, the Bitcoin (BTC) price briefly dropped to $57,874, marking the first time the asset fell below $58,000 in more than two months.

BTC's price action has stabilized and is currently trading around $58,964 at press time, but is down 3.4% on a weekly basis.

Bitcoin's price decline comes at a time when traders who planned to place leveraged bets on price increases have wiped out millions of dollars of their long positions.

According to CoinGlass data, over $64.2 million in Bitcoin long positions were liquidated in the last 24 hours.

Other majors and altcoins have also experienced significant declines in price, with Ether (ETH) currently down 4.5% on a daily basis and falling as low as $3,145 during a sharp sell-off at 2 a.m. UTC on July 4.

Meanwhile, Binance Coin (BNB) is down 6% on the day, dropping from $573 to $539 at press time.

Solana (SOL) has also fallen 10.3% in the last 24 hours, dropping from its weekly high of $154 to $136.

This is a developing story and more information will be added as it becomes available. Let us know what you think about it by leaving your comments below.