Altcoins
Bitcoin Falls to Four-Week Low, Falling Below $65,000 Mark
The week was unfavorable for the virtual currency market as it recorded a sharp decline, with Bitcoin being hit the hardest. Down more than 2% in an hour during the US trading session, the coin fell to $65,100, its lowest level in four weeks. This drop from the $67,000 level means the asset has seen a 7% decline over the past week.
BTC/USD 24-hour price chart (Source: CoinMarketCap)
Altcoins Suffer Bigger Losses
Altcoins did no better than Bitcoin and suffered even greater losses. The CoinDesk 20, an index of major coins, is down 11.7% since the previous Friday. Ether, the second largest cryptocurrency, also fell 2.7% and is now trading at $3,380.
Top altcoins including Solana, Avalanche, Cardano, and Near also saw negative percentages of 15-20% as they also followed BTC’s big red candle.
Market dynamics this week have been tough. Nearly $180 million in leveraged derivatives positions were liquidated in the past 24 hours, for a total of more than $870 million for the week. These corrections effectively eliminated excessive debt from the markets.
Adding to the pressure, recent economic data and Federal Reserve projections did not match investors’ expectations for looser monetary policy, further dampening market sentiment. Increased dollar strength and political uncertainties in Europe also contributed to the slowdown, overshadowing earlier optimism about a Bitcoin rally.
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