The price of bitcoin suddenly collapsed, falling 3.5% in a single day. However, most popular altcoins had even worse luck.
The cryptocurrency market hasn't fared well over the last day, with the majority of coins trading lower.
Bitcoin fell below $61,000, and most other cryptocurrencies are also showing significant declines on their charts. Let's investigate more closely.
The price of bitcoin suddenly crashes
Over the week, Bitcoin's price remained largely unchanged, failing to break out in any direction and staying at over $63K.
All of this was altered yesterday when the price of cryptocurrencies abruptly and drastically dropped to $60,000.
In the last 24 hours, the volatility caused almost $200 million worth of holdings to be liquidated, and it appeared that a US Federal Reserve representative's comment was the catalyst.
Lorie Logan, the president of the Dallas Fed, stated that it might be "too early to think about rate cuts" during a speech at a conference in New Orleans.
I think there should be some clarity regarding our current course of action, and we should maintain a high degree of flexibility.
The market reacted negatively to this, as seen by the red bars on every chart.
Altcoins Are Heavy Bleeding
As of this writing, the price of Bitcoin is $60,800, a 3.5% decrease over the previous day.
Like several other coins, including BCH, AVAX, and UNI, ETH lost 4.1%, SOL is down 6%, and DOT collapsed by about 6% as well.
While prices have steadied over the last few hours, market observers are keeping a tight eye on the action to ascertain whether the bears are finished or if another attack is imminent.
The coins that have lost the most over the last 24 hours are Theta Network (THETA) and THORChain (RUNE), down 10.8% and 9.2%, respectively.
However, Cheelee (CHEEL) and Akash Network (AKT), which increased by around 3% over the same time period, were able to contain the damage.
May 2024, Cryptoniteuae