Altcoins dogwifhat, Bonk, THORChain, and Jupiter have suffered losses above 10% as Bitcoin dipped 4% in the last 24 hours.
Following a period of relative calm, Bitcoin’s price fell by more than $3,500, bringing its value down to $63,300. Altcoins mirrored this trend, with liquidated positions soaring to nearly $225 million.
Initially, the week started on a high note for Bitcoin, reaching $70,000, its highest point since early June. This peak was short-lived, as a swift rejection led to a substantial decline below $65,500.
Bitcoin regained some stability, trading quietly at about $66,800. However, following a press conference by Federal Reserve Chair Jerome Powell, Bitcoin tumbled again to $64,300, marking a decrease of over 3% within 24 hours.
The downturn coincided with a report from the New York Times stating that Iran called for retaliatory measures against Israel after the assassination of Hamas leader Ismail Haniyeh in Tehran, escalating potential regional conflict.
On the economic front, the Federal Reserve maintained benchmark interest rates, offering little insight into a potential rate cut in September. Powell hinted at a likely reduction but made no concrete decisions.
Amid the Bitcoin drop, altcoins have suffered even more significant losses. Dogwifhat (WIF) saw a 12.4% decrease, and Bonk (BONK) experienced a 10% decline. THORChain (RUNE) fell by 10%, while Jupiter (JUP) and Ethereum Name Service (ENS) decreased by 8% and 9%, respectively.
Among larger-cap cryptocurrencies, Solana (SOL) dropped 8%, XRP fell 6%, Cardano (ADA) declined 4%, and both Ethereum (ETH) and Dogecoin (DOGE) decreased by 4.4%.
Data from CoinGlass indicates that nearly 67,000 traders have been adversely affected by this volatility. BTC positions saw $61.85 million in liquidations, while ETH positions faced $61 million, totaling $225.4 million liquidated at the time of writing.
