The crypto market saw significant declines on July 1 despite Bitcoin’s record monthly close the day prior amid continued institutional and corporate accumulation.
Bitcoin (BTC) managed to maintain its footing above the $105,000, but altcoins experienced drastic declines, with some posting double-digit percentage losses for the day.
Bitcoin fell nearly 2% to a low of $105,182, while its daily trading volume rose 5.2% to $44.96 billion, indicating continued activity even as prices dipped. The flagship crypto was trading at $105,700 but remains in danger of further downside if the recovery loses steam.
Ethereum (ETH) also fared better than the average, sliding 3.8% for the day to a low of $2,393, while other major tokens such as Solana (SOL) and Cardano (ADA) posted losses exceeding 7%, reflecting wider market weakness. The overall crypto market value dropped 2.5% to $3.25 trillion.
Over the past 24 hours, approximately 99,016 traders were liquidated, with total liquidations reaching $243.49 million. Long positions accounted for $207.14 million, while shorts represented $36.36 million, based on Coinglass data.
Bitcoin saw the highest liquidations at $57.93 million, followed by Ethereum at $33.04 million.
Broader economic uncertainty continues to weigh on market sentiment. Persistent inflation pressures remain despite prior rate increases, fueling concerns that the Federal Reserve may maintain elevated borrowing costs for longer than previously expected.
Meanwhile, geopolitical tensions, especially the upcoming July 9 tariff deadline, have added to investor caution, with worries about global supply chain disruptions and energy security impacting broader market confidence.
The US Senate also passed President Donald Trump’s “Big Beautiful Bill,” but it dropped the crypto tax amendments from the final draft, further exacerbating the negative sentiment in the market.
Traditional markets showed mixed results, with the Nasdaq and S&P 500 edging down while the Dow Jones Industrial Average rose 1%.
Bitcoin’s relative stability in the face of these declines emphasizes its position as the dominant digital asset, though its failure to break above key resistance levels has prompted some traders to lock in profits, adding to market pressure.
Investors are now awaiting upcoming US labor market data later this week, which could influence the Federal Reserve’s policy path and set the tone for risk assets in the days ahead.
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