The Crypto market lost a whopping $200 million to liquidations as Bitcoin dropped to a monthly low of $65,000 dragging other altcoins along with it.
This price drop affected over 75,000 traders and investors in the crypto market.
Although Bitcoin has slightly increased to $66,000 at the time of writing this report the harm has already been done.
Bitcoin through the week
Bitcoin started the week on a positive note pumping to slightly over $70,000 on Monday a mere $3,000 off its last all-time high of $73,000 in March.
The ride was short-lived as uncertainties surrounding Consumer Price Index numbers and the Federal Open Market Committee (FOMC) meeting as regards interest rate cuts pushed down the price of Bitcoin to $66,000.
The FOMC meeting decided not to cut interest rates and the Consumer Price Index for the month was better than the previous month. This resulted in Bitcoin rebounding back to $70,000.
The $70,000 price level was once again short-lived as Bitcoin dropped back to $67,000
On Friday evening Bitcoin Price suffered the worst fate as it decreased to a monthly low of $65,000. Despite its slight increase to $66,000 on Sunday, the primary cryptocurrency is still down by 4.0% in the last 7 days.
The monthly low of $65,000 resulted in a $200 million loss for over 75,000 traders in the industry.
Altcoins generally drop in price
Bitcoin’s monthly low price drop generally affected most of the altcoins which spent most of the weekend in red. This is a common phenomenon with altcoins showing the importance of Bitcoin to the crypto ecosystem.
Affected Altcoins include Solana which declined by 3% to $143 DOGE and SHIB have dropped by almost 5%, while AVAX, DOT, and ADA have seen declines of around 2–4%.
The only standout altcoins of the general price drop remain Ton which grew by 3% to over 8$ and UNI which also witnessed a 3.5% growth to around $11.
NEAR, FIL, FET, and AR experienced the most losses amongst the Altcoins over the weekend.
What to Know
- Bitcoin’s market capitalization dropped to $1.3 trillion following its monthly low of $65,000. The primary crypto asset still maintains a good dominance over other altcoins at a rate of 51%.
- The Total market capitalization of all crypto assets dropped by $50 billion overnight reflecting the general drop in price.
- The Crypto assets slightly regained in price on Sunday afternoon with most altcoins witnessing an under 1% increase in price.
