The post Bitcoin Price Loses $5,000, Meme Coins Take a Hit as Market Downturn Amplifies: This Week’s Crypto Recap appeared on BitcoinEthereumNews.com.

The cryptocurrency market experienced a sharp decline during the evening of last Friday. Bitcoin’s price crashed below $70K, prompting a considerable market sell-off. The total capitalization is down by about $100 billion in the process, currently sitting at around $2.57 trillion. Everything was going well when the bears decided to have a late Friday night party. The move was sudden, pushing Bitcoin’s price below $70K and initiating a considerable downturn across the entire cryptocurrency market. It caused hundreds of millions of liquidations and also sparked fears of a prolonged correction. The following seven days were incredibly choppy. The price plateaued during the weekend, but the bulls initiated a recovery attempt later during the week. Unfortunately, it was unsuccessful. The move toward $70K was sparked by the publishing of the CPi for the previous month. The number, which gauges the inflation in the United States, was within expectations but it showed that inflation was somewhat slightly slowing down. That said, the bears weren’t done with the market. On Thursday, the price plummeted once again, unable to sustain the gains made on the recovery attempt to $70K. This is why we’re currently found at Bitcoin trading around $67K, completely unable to escape this level to the upside. Most of the altcoins followed very similar fate, but a lot of them are charting more considerable losses. For example, SOL is down 13%, the same for SHIB, AVAX, BNB, MATIC, PEPE, and many other altcoins. ETH lost 7.7%, NEAR lost around 18.67%, and so forth. Price action aside, there were a few interesting things that happened during the week as well. For once, MicroStrategy is preparing to buy another $500 million worth of BTC. No surprises there. Meme coins are also continuing to cause a stir. Last week saw the appearance of a meme…

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Filed under: News - @ June 14, 2024 8:26 pm