Bitcoin
Crypto Market Loses $200 Million as Bitcoin Falls to Monthly Low of $65,000
The crypto market lost a whopping $200 million in liquidations, while Bitcoin fell to a monthly low of $65,000, dragging other altcoins along with it.
This price drop affected over 75,000 traders and investors in the crypto market.
Although Bitcoin has risen slightly to $66,000 at the time of writing, the damage has already been done.
Bitcoin during the week
Bitcoin started the week on a positive note, rising to just over $70,000 on Monday, just $3,000 below its last all-time high of $73,000 in March.
The trip was short-lived as uncertainty surrounding the Consumer Price Index numbers and the Federal Open Market Committee (FOMC) meeting regarding interest rate cuts pushed the price of Bitcoin towards $66,000.
News continues after this announcement
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 recovering to $70,000.
The $70,000 price level was once again short-lived as Bitcoin fell to $67,000
On Friday night, Bitcoin price suffered the worst fate as it fell to a monthly low of $65,000. Despite its slight rise to $66,000 on Sunday, the primary 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 more than 75,000 traders in the sector.
Altcoins often drop in price
Bitcoin’s monthly low price drop generally affected most altcoins that spent most 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 nearly 5%, while AVAX, DOT, and ADA saw drops of around 2–4%.
The only altcoins that stood out in the general price drop remain Ton, which grew 3% to over $8, and UNI, which also witnessed 3.5% growth to around $11.
NEAR, FIL, FET and AR suffered the most losses among Altcoins over the weekend.
What to know
- Bitcoin’s market capitalization has fallen to $1.3 trillion after its monthly low of $65,000. The leading crypto asset still maintains a good hold over other altcoins at a rate of 51%.
- The total market capitalization of all crypto assets fell by $50 billion overnight, reflecting the overall drop in price.
- Crypto assets recovered slightly in price on Sunday afternoon, with most altcoins witnessing a price increase of less than 1%.