Altcoins
Bitcoin Slumps Below $61,000 as Altcoins Take Massive Beatdown (Weekend Watch)
The last 24 hours have not treated the cryptocurrency market well, with most coins trading well in the red.
Bitcoin has fallen below $61,000, while most altcoins are also recording considerable losses. Let’s take a closer look.
The price of Bitcoin suddenly collapses
BTC has been trading relatively flat all week, failing to break out in either direction and maintaining its position around $63,000.
That all changed yesterday, when the cryptocurrency took a hit and plummeted rather suddenly towards $60,000.
The volatility has led to the liquidation of positions worth more than $200 million in the past 24 hours and appears to have been triggered by a statement from a representative of the US Federal Reserve.
Speaking of At a conference in New Orleans, Dallas Fed President Lorie Logan suggested it may be “too early to think about rate cuts.”
I need to see some of these uncertainties resolved about the path we are on and we need to remain very flexible.
The market didn’t take it well and all the charts are painted red.
Altcoins bleed heavily
Trading at $60,800 at the time of writing, BTC price is down 3.5% over the past 24 hours.
If this seems like a bad thing, don’t look at the following heat map.
ETH lost 4.1%, SOL fell by 6%, and DOT also fell by almost 6%, similar to many other coins such as BCH, AVAX, and UNI.
Although prices have stabilized in recent hours, market analysts are closely monitoring the action to determine whether the bears are over or another onslaught is on the way.
Theta Network (THETA), together with THORChain (RUNE), are the coins that have lost the most in the last 24 hours, down 10.8% and 9.2% respectively.
On the other hand, Cheelee (CHEEL) and Akash Network (AKT) managed to contain the damage, rising about 3% over the same period.
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Cryptocurrency charts from TradingView.