On Saturday, June 15, 2024, the price of Bitcoin is currently at $66,238.09, showing a 2% decrease in the last 24 hours.
The cryptocurrency market had a turbulent week, experiencing a sudden drop in prices. Bitcoin, the leading cryptocurrency, saw a significant reduction, falling below $70,000, triggering a series of mass liquidations. This negative movement resulted in a loss of approximately $100 billion in market capitalization.
The situation worsened on Friday night, with widespread selling after the traditional markets closed. The trigger seems to have been the previous month’s Consumer Price Index (CPI) report, which, despite showing a slowdown in inflation, was not enough to calm investors’ nerves.
While the market showed some recovery over the weekend, the attempted comeback by bulls during the week failed to gain traction, with Bitcoin struggling to stay above the $67,000 mark.
Meanwhile, other cryptocurrencies, especially altcoins, faced even steeper devaluations. The ethereum price dropped to nearly $3,360 and lost over 4% during the week. Now ETH is trading at $3,555.81, showing an increase of almost 2% in the last 24 hours.
In this scenario, cryptocurrencies like SOL and SHIB saw their prices drop by 13%, while ETH and NEAR experienced declines of 8% and 18%, respectively. The volatility spared almost no currency in the crypto spectrum. The cryptocurrency in the spotlight over the weekend is Uniswap (UNI), trading at $11.35 with a 5% increase in the last 24 hours.
In addition to price movements, the week was also marked by intriguing developments. MicroStrategy, known for its strategic Bitcoin purchases, announced its intention to acquire an additional $500 million in the cryptocurrency. “No surprises there,” commented a market analyst.
Meme coins, a particularly volatile niche in the market, also drew attention. Celebrities Andrew Tate and Iggy Azalea, who had previously denied any involvement with cryptocurrencies, launched their own coins, sparking accusations of insider trading from the community.
FLOKI dropped more than 20%, while WIF, Bonk, DOGE, and Shiba Inu fell by over 15%. Pepe coin dropped by more than 15% near the $0.00001050 support and is now trading at $0.00001250.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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