Bitcoin Plunges to $65K, Altcoins Bleed 10%-20% as Week Turns Ugly

Some $180 million of leveraged derivatives positions were liquidated across all crypto assets during the shake-out, CoinGlass data shows.

Bitcoin Plunges To $65k, Altcoins Bleed 10% 20% As Week Turns Ugly

What looked like prime time for crypto assets on softening inflation data has turned into an ugly week with bitcoin (BTC) tumbling to its weakest price in four weeks on Friday.

BTC tumbled more than 2% in an hour to $65,100 during the U.S. trading session from around the $67,000 area. The leading crypto was down 7.5% over the past seven days.

Smaller cryptocurrencies saw even steeper declines almost 12% week-over-week. Ether (ETH) dropped to $3,400, losing over 10% during this period, while native tokens of rival layer-1 networks Solana (SOL), Avalanche (AVAX), Cardano (ADA) and Near (NEAR) sported 15%-20% declines, CoinGecko data shows.

Total Crypto Market Cap Chart
Total Crypto Market Cap Chart

The swift tumble liquidated nearly $180 million of leveraged derivatives trading positions across all crypto assets over the past 24 hours, most of them longs betting on higher prices, CoinGlass data shows. This week’s shake-out saw a total of over $870 million in liquidations, flushing excess leverage from markets.

Analysts and many market participants just a few days ago anticipated an imminent breakout for bitcoin to new record highs, supported by a slower pace of inflation and softer economic data, but attempts for rallies were quickly sold off, leaving BTC stuck in its sideways range.

Read more: GateGameFi Airdrops

The Federal Reserve this Wednesday projected only one rate cut for this year, less than the central bank’s previous forecast, dashing investor hope for looser monetary policy coming this summer. Political uncertainty in Europe with a snap election being called in France also pushed the U.S. dollar index (DXY) higher against other major currencies to its strongest level in more than a month, putting pressure on bitcoin.

Bitcoin also struggled with increased selling from miners and profit-taking from long-time holders near the $70,000 area, 10X Research noted, weighing on the broader crypto market.

Love

0.0/5

Love

Latest

Xrp Lawyer Refutes The Biggest Lie In The Crypto Industry

News | Editor Choice | Policy & Regulations

XRP Lawyer Refutes the Biggest Lie in the Crypto Industry

Ripple lawyer Bill Morgan firmly refutes accusations that XRP lacks legal clarity, calling it “the biggest lie” in the crypto industry today.

How To Participate In Wump Airdrop

Airdrops | Editor Choice

How to Participate in Wump Airdrop

Join the airdrop hunt for the Wump project, inspired by Telegram projects but developed on the Discord platform.

Meta Drops Bitcoin Purchase Proposal, Zuckerberg May Be The Opponent

News | Bitcoin | Editor Choice

Meta Drops Bitcoin Purchase Proposal, Zuckerberg May Be the Opponent

Meta has rejected a proposal to include Bitcoin in its asset class, showing that the tech giant remains cautious about the cryptocurrency investment trend even as many large businesses are gradually joining the game.

Elon Musk Launches Xchat Inspired By Bitcoin

News | Bitcoin | Editor Choice

Elon Musk Launches XChat Inspired by Bitcoin

Elon Musk has just unveiled XChat — a new messaging feature on the X platform that integrates Bitcoin-level encryption and is developed using the Rust programming language, promising to set a new benchmark for security and privacy in digital messaging.

Price Prediction For Pi By The End Of 2025

Pi Network | Editor Choice

Price Prediction for PI by the End of 2025

According to CoinDCX, the price of PI Coin may see an uptrend by the end of this year and could recover to the range of $2 to $2.8.