Markets
Cryptocurrency Market Loses $200 Million as Bitcoin Falls to Monthly Low of $65,000
The cryptocurrency market lost as much as $200 million due to liquidations while Bitcoin fell to a monthly low of $65,000, dragging other altcoins with it.
This drop in prices wanted over 75,000 traders and investors in the cryptocurrency market.
Although Bitcoin has risen slightly to $66,000 as of this writing, the damage has already been done.
Bitcoin all week
Bitcoin started the week on a positive note, reaching just over $70,000 on Monday, just $3,000 away from its last all-time high of $73,000 in March.
The rally was short-lived as uncertainties surrounding the Consumer Price Index numbers and the Federal Open Market Committee (FOMC) meeting regarding interest rate cuts pushed the price of Bitcoin to $66,000.
The news continues after this announcement
The news continues after this announcement
The FOMC meeting decided not to cut interest rates and the consumer price index for the month was better than the previous month. This resulted in Bitcoin rebounding to $70,000.
The $70,000 price level was once again short-lived as Bitcoin fell to $67,000
The price of Bitcoin suffered the worst fate on Friday evening, falling to a monthly low of $65,000. Despite Sunday’s slight increase to $66,000, the leading cryptocurrency is still down 4.0% over the past 7 days.
The monthly low of $65,000 resulted in a loss of $200 million for over 75,000 traders in the sector.
Altcoins generally decrease in price
Bitcoin’s monthly low price decline generally affected most altcoins which spent much of the weekend in the red. This is a common phenomenon with altcoins showing the importance of Bitcoin to the crypto ecosystem.
Affected altcoins include Solana, which fell 3% to $143. DOGE and SHIB fell by almost 5%, while AVAX, DOT and ADA recorded declines of around 2-4%.
The only altcoins that stand out in the overall price decline remain Ton, which rose 3% to over $8, and UNI, which also saw growth of 3.5% to around $11.
NEAR, FIL, FET, and AR recorded the most losses among Altcoins over the weekend.
What to know
- Bitcoin’s market capitalization fell to $1.3 trillion after a monthly low of $65,000. The leading crypto asset still maintains a good dominant position over other altcoins at a rate of 51%.
- The total market capitalization of all crypto assets dropped by $50 billion overnight reflecting the overall price decline.
- Crypto assets recovered their price slightly on Sunday afternoon, with most altcoins seeing a price increase of less than 1%.