Bitcoin Crashes Below $61K as Altcoins Take Massive Beating (Weekend Watch)

The past 24 hours have not treated the cryptocurrency market well, with most coins trading well into the red zone.

Bitcoin has fallen below $61,000, while the majority of altcoins are also suffering significant losses. Let's take a closer look.

Bitcoin price suddenly collapses

BTC trading was relatively flat throughout the week, failing to break out in either direction and maintaining its position at around $63k.

This all changed yesterday when the cryptocurrency took a huge hit and suddenly fell towards $60,000.

The volatility has resulted in over $200 million of liquidated positions in the past 24 hours, and appears to have been triggered by a statement from a US Federal Reserve representative.

Speaking at a conference in New Orleans, Dallas Fed President Lori Logan indicated that it may be “too early to think about cutting interest rates.”

I want to see some of these uncertainties resolved about the path we're on, and we have to remain very flexible.

The market did not take this well, and all charts were painted in red.

Altcoins are bleeding badly

Trading at $60,800 at the time of this writing, BTC is down 3.5% over the past 24 hours.

If this sounds bad, don't look at the following heat map.

ETH lost 4.1%, SOL fell 6%, and DOT collapsed 6% as well – similar to a lot of other coins like BCH, AVAX, and UNI.

Although prices have stabilized over the past few hours, market analysts are closely monitoring the movement to determine whether the bears are over or if another attack is coming.

Theta Network (THETA), along with THORChain (RUNE), are the coins losing the most over the past 24 hours, down 10.8% and 9.2% respectively.

On the other hand, Cheelee (CHEEL) and Akash Network (AKT) managed to limit the damage, increasing by about 3% during the same period.