Markets
Crypto market loses $200 million as Bitcoin falls to monthly low of $65,000
The crypto market lost $200 million to liquidations as Bitcoin fell to a monthly low of $65,000, dragging other altcoins 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 all week
Bitcoin started the week on a positive note, hitting just over $70,000 on Monday, just $3,000 shy of its last all-time high of $73,000 in March.
The trip was short-lived as uncertainties surrounding the Consumer Price Index numbers and the Federal Open Market Committee (FOMC) meeting regarding interest rate cuts caused the price of the Bitcoin at $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 allowed Bitcoin to rebound to $70,000.
The $70,000 price level was once again short-lived as Bitcoin fell back to $67,000.
On Friday evening, the price of Bitcoin suffered the worst fate as it fell to a monthly low of $65,000. Despite its slight rise to $66,000 on Sunday, 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.
Altcoin prices generally fall
The monthly drop in Bitcoin prices generally affected most altcoins which spent most of the weekend in red. This is a common occurrence with altcoins, showing the importance of Bitcoin to the crypto ecosystem.
Affected Altcoins include Solana which declined 3% to $143. DOGE and SHIB fell almost 5%, while AVAX, DOT, and ADA saw declines of around 2-4%.
The only notable altcoins in the general 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 suffered the most losses among Altcoins over the weekend.
What there is to know
- Bitcoin’s market cap fell to $1.3 trillion after its monthly low of $65,000. The leading crypto asset still maintains a good dominance over other altcoins at a rate of 51%.
- The total market capitalization of all crypto assets fell by $50 billion overnight, reflecting the general price decline.
- Crypto asset prices recovered slightly on Sunday afternoon, with most altcoins seeing a price increase of less than 1%.