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HomeNewsBitcoin Tumbles to Four-Week Low as Crypto Market Sees Widespread Sell-Off

Bitcoin Tumbles to Four-Week Low as Crypto Market Sees Widespread Sell-Off

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The crypto market has taken a sharp turn for the worse, with Bitcoin (BTC) plummeting to its weakest price in four weeks. The leading cryptocurrency tumbled over 2% in an hour to $65,100 during the US trading session, marking a 7.5% decline over the past seven days.

Bitcoin price on June 14 (CoinDesk)

Smaller cryptocurrencies were hit even harder, with the CoinDesk 20 Index shedding nearly 12% week-over-week. Ether (ETH) dropped to $3,400, losing over 10% during this period. Native tokens of rival layer-1 networks Solana (SOL), Avalanche (AVAX), Cardano (ADA), and Near (NEAR) saw declines of 15%-20%, according to CoinGecko data.

The sudden sell-off has led to a wave of liquidations, with nearly $180 million of leveraged derivatives trading positions being wiped out over the past 24 hours. This week’s shake-out has seen a total of over $870 million in liquidations, flushing excess leverage from the market.

Analysts had been predicting an imminent breakout for Bitcoin to new record highs, supported by slower inflation and softer economic data. However, attempts at rallies were quickly sold off, leaving BTC stuck in its sideways range.

The Federal Reserve’s decision to project only one rate cut for this year, less than previously forecast, dashed investor hopes for looser monetary policy. Political uncertainty in Europe, including a snap election in France, also pushed the US dollar index (DXY) higher against other major currencies, putting pressure on Bitcoin.

Additionally, increased selling from miners and profit-taking from long-time holders near the $70,000 area weighed on the broader crypto market. As a result, Bitcoin remains stuck in its sideways range, leaving investors wondering what’s next for the cryptocurrency.

Source: Coindesk

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