Bitcoin Crashes Below $61,000 As Altcoins Take Big Beat (Weekend Watch)

The last 24 hours have not treated the cryptocurrency market well, with most coins trading well in the red.

Bitcoin fell below $61,000, while most altcoins also posted significant losses. Let’s take a closer look.

Bitcoin price suddenly crashes

BTC traded relatively flat throughout the week, not breaking out in any direction and maintaining its position around $63,000.

That all changed yesterday when the cryptocurrency took a big hit and suddenly fell towards $60,000.

Source: CoinGecko

The volatility induced more than $200 million in liquidated positions over the past 24 hours and appeared to have been triggered by a statement from a representative of the US Federal Reserve.

At a conference in New Orleans, Dallas Fed President Lorie Logan suggested it may be “too early to think about rate cuts.”

I need to see some of these uncertainties resolved about the path we are on, and we need to be very flexible.

The market did not take it well, and all the charts are painted red.

Altcoins bleed a lot

Trading at $60,800 at the time of writing, the price of BTC is down 3.5% in the last 24 hours.

If that sounds bad to you, don’t look at the heat map below.

Source: Quantify Crypto

ETH lost 4.1%, SOL is down 6% and DOT also crashed by almost 6%, similar to many other coins like BCH, AVAX and UNI.

Although prices have stabilized over the past few hours, market analysts are closely monitoring the action to determine if the bears are finished or if another assault is on the way.

Theta Network (THETA), along with THORChain (RUNE), are the coins that have lost the most over the past 24 hours, down 10.8% and 9.2%, respectively.

On the other hand, Cheelee (CHEEL) and Akash Network (AKT) were able to stem the damage, rising around 3% over the same period.

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