The past 24 hours haven’t treated the cryptocurrency market well, with most coins trading well in the red.
Bitcoin plummeted below $61K, while the majority of altcoins are also charting considerable losses. Let’s have a closer look.
Bitcoin Price Crashes Suddenly
BTC was trading relatively flat throughout the week, failing to break out in either direction and maintaining its stance at around $63K.
This all changed yesterday when the cryptocurrency took a massive hit and plunged rather suddenly toward $60K.
The volatility induced over $200 million worth of liquidated positions over the past 24 hours and seemed to have been triggered by a statement from a representative of the US Federal Reserve.
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Speaking at a conference in New Orleans, the President of the Dallas Fed – Lorie Logan – suggested that it may be “too early to think about rate cuts.”
I need to see some of these uncertainties resolved about the path that we’re on, and we need to remain very flexible.
The market didn’t take this well, and all the charts are painted in red.
Altcoins Bleed Out Heavily
Trading at $60,800 at the time of this writing, BTC’s price is down 3.5% in the past 24 hours.
If that sounds bad, don’t look at the following heatmap.
ETH lost 4.1%, SOL is down 6%, and DOT crashed by almost 6% as well – similar to a lot of other coins such as BCH, AVAX, and UNI.
Although prices have stabilized throughout the past few hours, market analysts are monitoring the action closely to determine whether the bears are done or if another assault is inbound.
Theta Network (THETA), alongside THORChain (RUNE) are the coins that lost the most during the past 24 hours, down 10.8% and 9.2%, respectively.
On the other hand, Cheelee (CHEEL) and Akash Network (AKT) were able to curb the damage, increasing by around 3% throughout the same period.