Bitcoin (CRYPTO:BTC) faced a significant decline, dropping below $59,000 on July 4, 2024, marking its lowest point since late April.

The cryptocurrency touched $57,874 on Coinbase before recovering slightly to $58,764, reflecting a 3.4% decrease over the past week.

Ethereum (CRYPTO:ETH), Solana (CRYPTO:SOL), and Dogecoin (CRYPTO:DOGE) also saw losses, with fears surrounding the impending Mt. Gox creditor repayments contributing to market uncertainty.

Analysts like Tom Lee suggest a potential rebound post-Mt. Gox resolution, although over $237.91 million in long positions were liquidated within 24 hours, highlighting investor caution.

Amid discussions of buying opportunities and predictions of further potential drops, the crypto market remains on edge, with focus shifting to the outcome of Mt. Gox's rehabilitation efforts.