Over $200 Million in Liquidations as Bitcoin (BTC) Price Dropped to Monthly Lows (Weekend Watch)

Bitcoin price movements over the past few days have been quite painful as the asset fell to $65,000 yesterday for the first time in about a month.

Although they have also recovered from their lowest positions, altcoins are also deep in the red, with NEAR, FIL, and FET sinking the most.

Volatility in BTC continues

The underlying cryptocurrency had a somewhat positive start to the business week as it rose to just over $70,000 on Monday. However, the landscape changed on Tuesday amid growing anticipation and fear over the US CPI numbers and the subsequent FOMC meeting and assets fell to $66,000.

Once the CPI exceeded expectations, Bitcoin rose again to $70,000, but that was short-lived. A day later, Bitcoin found itself falling to $67,000, and the situation worsened on Friday evening.

The bears appeared to be in complete control, pushing the asset to a monthly low of $65,000. Although it was able to bounce back and recover around $1k, Bitcoin was still down 1.5% on the day. This volatility resulted in over $200 million Liquidation From about 75,000 traders in the last 24 hours.

Its market capitalization has fallen to $1.3 trillion, but its dominance in altcoins remains strong at just over 51%.

Alternatives are in red

Most altcoins followed BTC's trend south with a noticeable price drop yesterday evening. Although they managed to regain some ground, they were still standing in the red now.

Solana is down 3% to $143 year to date, DOGE and SHIB are down around 5%, while AVAX, DOT and ADA have seen declines of around 2-4%.

TON is among the few exceptions, with a 3% jump taking it to just over $8. UNI is also up 3.5% on the day and is priced at $11.

More losses come from NEAR, FIL, FET and AR. The total market cap of cryptocurrencies fell by about $50 billion overnight.