July 20, 2024

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Bitcoin (BTC) price drops to K, altcoins bleed 10% to 20% as week turns ugly

Bitcoin (BTC) price drops to $65K, altcoins bleed 10% to 20% as week turns ugly

What looked like peak time for crypto assets after easing inflation data has turned into an ugly week for Bitcoin (btc) It fell to its lowest price in four weeks on Friday.

BTC fell more than 2% in one hour to $65,100 during the US trading session from around $67,000. The leading cryptocurrency has fallen by 7.5% over the past seven days.

Smaller cryptocurrencies saw steeper declines, with the broadly benchmark CoinDesk 20 index falling nearly 12% on a weekly basis. ether (ether) It fell to $3,400, losing more than 10% during this period, while the native tokens of competing tier-1 networks Solana (Sol)Avalanche (avax)Cardano (Ada) And the relative (close) Sports decrease 15%-20%, CoinGecko data Offers.

The flash crash led to the liquidation of nearly $180 million worth of leveraged derivatives trading positions across all crypto assets over the past 24 hours, most of them long positions betting on rising prices. CoinGlass data appears. This week's shake-up saw over $870 million liquidated, eliminating excess leverage from the markets.

Just a few days ago, analysts and many market participants predicted an imminent breakout for Bitcoin to new highs, supported by a slowing pace of inflation and weak economic data, but the rally attempts were quickly sold off, leaving Bitcoin stuck in its sideways range.

The Federal Reserve on Wednesday forecast just one interest rate cut this year, less than the central bank's previous forecast, dashing investors' hopes for looser monetary policy in the summer. Political uncertainty In Europe, with early elections called in France, it pushed the US dollar index (DXY) higher against other major currencies to its strongest level in more than a month, putting pressure on Bitcoin.

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Bitcoin also suffered from increased selling from miners and profit-taking from long-time holders near the $70,000 region, impacting the broader cryptocurrency market, noted 10X Research.