Altcoins
Bitcoin (BTC) Price Falls to $65,000, Altcoins Bleed 10-20% as Week Turns Ugly
What appeared to be prime time for crypto assets following softening inflation data turned into a bad week with Bitcoin (BTC) falling Friday to its lowest price in four weeks.
BTC fell more than 2% in an hour to $65,100 during the US trading session, from around $67,000. The leading crypto is down 7.5% over the past seven days.
Smaller cryptocurrencies saw even steeper declines, with the large-scale market benchmarking. CoinDesk 20 Index losing nearly 12% week over week. Ether (ETH) fell to $3,400, losing more than 10% during this period, while native tokens of rival layer 1 networks Solana (GROUND)Avalanche (AVAX)Cardano (ADA) and nearby (CLOSE) showed declines of 15 to 20%, CoinGecko data watch.
The rapid drop liquidated nearly $180 million in leveraged derivatives trading positions across all crypto assets in the past 24 hours, with most betting on higher prices. CoinGlass data shows. This week’s turmoil resulted in liquidations totaling more than $870 million, removing excess leverage from the markets.
Analysts And many market players Just a few days ago, Bitcoin was predicted to break out imminently to new record highs, supported by a slower pace of inflation and weaker economic data, but rally attempts were quickly sold off, leaving BTC stuck in its side fork.
The Federal Reserve on Wednesday forecast only one rate cut for this year, less than its previous forecast, thus dashing investors’ hopes of a looser monetary policy coming this summer. Political uncertainty In Europe, with the call of snap elections in France, the US Dollar Index (DXY) also pushed the US Dollar Index (DXY) to its highest level in over a month against other major currencies, thus putting pressure on Bitcoin.
Bitcoin has also struggled with increase in miner sales and profit-taking by long-time holders near $70,000 zone, 10X Research noteweighing on the broader crypto market.