Bitcoin
Bitcoin (BTC) Price Drops to $65K, Altcoins Bleed 10%-20% as Week Turns Ugly
What seemed like prime time for crypto assets over softening inflation data turned into an ugly week for bitcoin (BTC) falling to its weakest price in four weeks on Friday.
BTC fell more than 2% in an hour to $65,100 during US trading from around $67,000. The leading crypto is down 7.5% over the past seven days.
Smaller cryptocurrencies saw even sharper drops, with broad market benchmark CoinDesk 20 Index losing almost 12% week over week. Ether (ETH) fell to $3,400, losing more than 10% during this period, while native tokens from rival layer 1 networks Solana (SUN)Avalanche (AVAX)Cardano (ADA) It’s close (CLOSE) showed drops of 15% to 20%, CoinGecko Data show.
The rapid drop liquidated nearly $180 million in leveraged derivatives trading positions across all crypto assets in the last 24 hours, most of them betting on higher prices, CoinGlass data shows. This week’s move resulted in a total of more than $870 million in liquidations, removing excess leverage from the markets.
Analysts It is many market participants just a few days ago predicted an imminent breakout of bitcoin to new record highs, supported by a slower pace of inflation and weaker economic data, but the bullish attempts were quickly sold off, leaving BTC stuck in its sideways range.
The Federal Reserve on Wednesday projected just one rate cut for this year, less than the central bank’s previous forecast, dashing investors’ hopes for looser monetary policy this summer. Political uncertainty In Europe, the call for early elections in France also pushed the US dollar index (DXY) higher against other major currencies to its strongest level in more than a month, putting pressure on bitcoin.
Bitcoin also struggled with increased miner sales and profit-taking by long-time holders near the $70,000 area, 10X Research observedweighing on the broader crypto market.