The cryptocurrency market suffered a significant blow as Bitcoin’s price fell to a monthly low of $65,000, resulting in $200 million in liquidations. This decline impacted over 75,000 traders and investors.
Despite a slight recovery to $66,000, the damage had already been done. Earlier in the week, Bitcoin surged to just over $70,000, close to its all-time high of $73,000 set in March. However, concerns over Consumer Price Index numbers and the Federal Open Market Committee (FOMC) meeting led to a drop to $66,000.
The FOMC decided not to cut interest rates, and the Consumer Price Index showed improvement over the previous month, temporarily boosting Bitcoin back to $70,000. However, the price quickly fell again to $67,000 and then to the monthly low of $65,000 on Friday evening. Over the last seven days, Bitcoin has decreased by 4.0%.
This drop not only affected Bitcoin but also dragged down other cryptocurrencies. Solana declined by 3% to $143, while DOGE and SHIB dropped nearly 5%. AVAX, DOT, and ADA saw declines of around 2-4%.
Despite the general downturn, a few altcoins bucked the trend. Ton grew by 3% to over $8, and UNI increased by 3.5% to around $11. However, NEAR, FIL, FET, and AR experienced significant losses over the weekend. This highlights Bitcoin’s pivotal role in the cryptocurrency market.