The cryptocurrency market lost a stunning $200 million in liquidations as Bitcoin fell to a monthly low of $65,000, dragging other altcoins with it.
More than 75,000 cryptocurrency dealers and investors were impacted by this price decline.
The damage has already been done, even though Bitcoin has marginally increased to $66,000 at the time this piece was written.
Bitcoin across the week
With just $3,000 separating it from its previous all-time high of $73,000 in March, Bitcoin began the week on a good note, rising to little over $70,000 on Monday.
The thrill was short-lived, as the price of Bitcoin dropped to $66,000 due to uncertainty around Consumer Price Index data and the Federal Open Market Committee (FOMC) meeting regarding interest rate cuts.
The FOMC meeting resolved not to lower interest rates, and the month-over-month change in the Consumer Price Index was positive. As a result, Bitcoin recovered to $70,00,000.
Once more, the $70,000 price barrier proved to be fleeting as Bitcoin fell back to $67,000.
The worst happened to the price of bitcoin on Friday night, as it dropped to a monthly low of $65,000. Even with Sunday’s modest gain to $66,000, the leading cryptocurrency has dropped 4.0% over the past week.
Over 75,000 traders in the sector lost $200 million as a result of the monthly low of $65,000.
Altcoin prices generally drop
Bitcoin’s monthly low price decrease impacted the majority of altcoins, and they were mostly down for the majority of the weekend. This is a typical altcoin occurrence that demonstrates the significance of Bitcoin to the cryptocurrency world.
Among the impacted altcoins are Solana, which fell 3% to $143, DOGE, and SHIB, which fell by about 5%, and AVAX, DOT, and ADA, all fell by about 2-4%.
The two cryptocurrencies that stood out the most from the overall price decline are Tonne, which increased by 3% to over $8, and UNI, which increased by 3.5% to almost $11.
Among all the altcoins, NEAR, FIL, FET, and AR lost the most money during the weekend.
Things To Note
Market capitalization for bitcoin fell to $1.3 trillion after hitting a monthly low of $65,000. At a rate of 51%, the main cryptocurrency asset still has a strong lead over other altcoins.
Overnight, the overall market value of all cryptocurrency assets decreased by $50 billion, mirroring the overall decline in value.
Sunday afternoon saw a minor price recovery for crypto assets, with the majority of altcoins seeing increases of less than 1%.
