As an analyst with extensive experience in the cryptocurrency market, I cannot help but feel a sense of unease as I observe this week’s sharp decline. The virtual currency market has taken a turn for the worse, with Bitcoin being the hardest hit. Dropping by more than 2% in an hour during the US trading session, the coin fell down to $65,100, its four-week low. This fall from the $67,000 level meant the asset had experienced a 7% decline in the past week.
The past week brought unfavorable conditions to the virtual currency market, resulting in a significant drop for Bitcoin. In just one hour during US trading sessions, the coin plunged by over 2%, reaching a four-week low of $65,100. This represented a 7% decrease from its previous price of $67,000 within the last week.
Altcoins Suffer Greater Losses
In simpler terms, the smaller cryptocurrencies underperformed Bitcoin with greater setbacks, as indicated by the 11.7% decrease in the CoinDesk 20 index since last Friday. Ether, being the second largest, experienced a drop of 2.7%, now valued at $3,380.
As a researcher examining the crypto market trends, I’ve observed that Solana, Avalanche, Cardano, and Near experienced similar downswings. Specifically, these top altcoins saw decreases in value between 15% and 20%.
This week, market conditions proved challenging, leading to the liquidation of approximately $180 million worth of leveraged derivative positions within the last day. The total for the week reached an astounding $870 million. These corrective measures have successfully reduced excessive leverage in the financial markets.
As a crypto investor, I’ve noticed that recent economic data and Federal Reserve projections have added to my concerns about a softer monetary policy. These developments didn’t align with my expectations, making me feel even more apprehensive about the market. Additionally, the strengthening dollar and political uncertainties in Europe have further dampened the market mood, casting a shadow over earlier optimism for a Bitcoin rally.
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2024-06-14 23:00