Altcoins
Bitcoin Falls Below $61,000 as Altcoins Take Massive Beatdown (Weekend Watch)
The last 24 hours have not treated the cryptocurrency market well, with most coins trading well in the red.
Bitcoin has fallen below $61,000, while the majority of altcoins are also seeing considerable losses. Let’s take a closer look.
Bitcoin price suddenly collapses
BTC has been trading relatively flat throughout the week, failing to break out in either direction and maintaining its position at around $63,000.
That all changed yesterday when the cryptocurrency took a major hit and plunged towards $60,000 quite suddenly.
The volatility caused more than $200 million in positions to be liquidated in the past 24 hours and appears to have been triggered by a statement from a representative of the US Federal Reserve.
Speaking At a conference in New Orleans, Dallas Fed President Lorie Logan suggested it may be “too early to think about rate cuts.”
I need to see some of these uncertainties resolved about the path we’re taking, and we need to remain very flexible.
The market has not taken this well and all the charts are painted red.
Altcoins are bleeding profusely
Trading at $60,800 at the time of writing, the price of BTC is down 3.5% in the past 24 hours.
If this looks bad to you, don’t look at the following heatmap.
ETH has lost 4.1%, SOL is down 6% and DOT has also collapsed by almost 6% – like many other coins such as BCH, AVAX and UNI.
Although prices have stabilized over the past few hours, market analysts are closely monitoring developments to determine whether the declines are over or another attack is imminent.
Theta Network (THETA), alongside THORChain (RUNE) are the coins that lost the most over the past 24 hours, down 10.8% and 9.2% respectively.
On the other hand, Cheelee (CHEEL) and Akash Network (AKT) managed to limit the damage, increasing by around 3% over the same period.
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