Bitcoin has been on a rollercoaster ride in the past few days, hitting a monthly low of $65,000 and resulting in over $200 million in liquidations from traders. Despite a brief recovery, the altcoins have also taken a hit, with NEAR, FIL, and FET being hit the hardest.
The price of Bitcoin started the week on a positive note, reaching above $70,000 on Monday. However, things took a turn on Tuesday as anticipation and fear about the US CPI numbers and the FOMC meeting caused the price to drop to $66,000. After a brief surge to $70,000 following the CPI beat, Bitcoin once again dropped to $67,000 and continued to decline, hitting $65,000 by Friday evening.
As a result of this volatility, over 75,000 traders were liquidated, totaling over $200 million. While Bitcoin’s market capitalization has slipped to $1.3 trillion, its dominance over altcoins remains strong at just over 51%.
The downward trend in Bitcoin’s price has also affected most altcoins, with notable declines in Solana, DOGE, SHIB, AVAX, DOT, and ADA. However, TON and UNI have seen slight gains amidst the market turmoil.
Overall, the total crypto market cap has declined by about $50 billion overnight, reflecting the bearish sentiment in the market. Despite this, there are still opportunities for traders to take advantage of special offers and promotions on platforms like Binance and BYDFi Exchange.
It’s important for investors to conduct their own research and make informed decisions when trading cryptocurrencies, as the market can be highly volatile. As always, it’s essential to use caution and be aware of the risks involved in the crypto market.