Saturday, June 15, 2024, the current price of Bitcoin is quoted at US$66,238.09 with a 2% decrease in the last 24 hours.
It has been a turbulent week for the cryptocurrency market, witnessing a sharp drop in prices. Bitcoin, the leading cryptocurrency, experienced a significant reduction, plummeting below US$70,000, triggering a series of mass liquidations. This negative movement led to a loss of approximately US$100 billion in market capitalization.
The situation worsened on Friday night, with a widespread sell-off after the traditional markets closed. The trigger seems to have been the report on the Consumer Price Index (CPI) from the previous month, which, despite showing a slowdown in inflation, was not enough to calm the nerves of investors.
The market showed some recovery over the weekend, but the attempt by bulls to regain momentum throughout the week failed to gain traction, with Bitcoin struggling to stay above the US$67,000 mark.
Meanwhile, other cryptocurrencies, especially altcoins, faced even steeper devaluations. The ethereum price dropped to nearly US$3,360 and lost over 4% for the week. Now ETH is quoted at US$3,555.81 with 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 recorded declines of 8% and 18%, respectively. Volatility spared virtually no currency in the crypto spectrum. The cryptocurrency in the spotlight over the weekend is Uniswap (UNI) quoted at US$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 US$500 million in the cryptocurrency. “No surprises there,” commented a market analyst.
Meme coins, a particularly volatile niche in the market, were also in the spotlight. Andrew Tate and Iggy Azalea, two celebrities who previously denied any involvement with cryptocurrencies, launched their own coins, generating accusations of insider trading from the community.
FLOKI dropped by over 20%, while WIF, Bonk, DOGE, and Shiba Inu fell by more than 15%. Pepe coin dropped by over 15% near the US$0.00001050 support and is now quoted at US$0.00001250.
Disclaimer: The views and opinions expressed 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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