Weekend Watch: Bitcoin (BTC) Plummets Under $61K, Altcoins Experience Major Downturn

• The cryptocurrency market has experienced significant losses in the past 24 hours, with Bitcoin falling below $61K and altcoins also charting considerable losses.
• A statement from a representative of the US Federal Reserve seems to have triggered the volatility, leading to over $200 million worth of liquidated positions.
• Altcoins such as ETH, SOL, and DOT have also suffered, with losses ranging from 4.1% to 6%.

Bitcoin and altcoins suffer significant losses following a statement from a US Federal Reserve representative, leading to market volatility and over $200 million worth of liquidated positions.

Bitcoin Price Plummets

Bitcoin was trading relatively flat throughout the week, maintaining its stance at around $63K. However, this changed when the cryptocurrency took a sudden hit and plunged toward $60K. The volatility seems to have been triggered by a statement from Lorie Logan, the President of the Dallas Fed, at a conference in New Orleans, suggesting that it may be “too early to think about rate cuts.” This statement did not sit well with the market, leading to a sea of red across the charts.

Altcoins Also Suffer Significant Losses

Altcoins have also not been spared from the market downturn. Ethereum (ETH) lost 4.1%, Solana (SOL) is down by 6%, and Polkadot (DOT) crashed by almost 6%. Other coins such as Bitcoin Cash (BCH), Avalanche (AVAX), and Uniswap (UNI) have also experienced similar losses. Theta Network (THETA) and THORChain (RUNE) were the biggest losers, down by 10.8% and 9.2% respectively. However, Cheelee (CHEEL) and Akash Network (AKT) managed to curb the damage, increasing by around 3% during the same period.

Conclusion

The recent downturn in the cryptocurrency market serves as a reminder of the volatility inherent in the space. While the market seems to have stabilized in the past few hours, analysts are closely monitoring the situation to determine whether the bears are done or if another assault is inbound. As always, investors are advised to conduct their own research and exercise caution when making investment decisions.