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Altcoins Dogwifhat (WIF), Bonk, THORChain’s RUNE, and Jupiter (JUP) have experienced declines exceeding 10% as Bitcoin fell by 4% over the past 24 hours.
After a relatively stable period yesterday, July 31, Bitcoin (BTC) price movements underwent a significant change as the cryptocurrency dropped by more than $3,500, reducing its value to $63,300.
Simultaneously, altcoins reflected this trend, with the total value of liquidated positions rising to nearly $225 million throughout the day.
The week began positively for Bitcoin, as it surged to its highest level since early June, reaching $70,000.
However, this peak was fleeting, as a rapid rejection followed, resulting in a notable decline, with Bitcoin falling below the $65,500 threshold.
The cryptocurrency did manage to find some stability, trading quietly around $66,800. Nevertheless, after a press conference by Federal Reserve Chair Jerome Powell, Bitcoin’s value dropped again to $64,300, representing a decline of over 3% within 24 hours.
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BTC Price Chart | Source: CoinStats
The downturn coincided with a report from the New York Times indicating that Iran had called for retaliatory actions against Israel following the assassination of Hamas leader Ismail Haniyeh in Tehran, heightening the potential for further regional tensions.
On the economic side, the Federal Reserve opted to keep the benchmark interest rates unchanged, providing little clarity regarding the expected rate cut in September.
Powell also suggested that while no definitive decisions were reached concerning the September adjustment, there is an increasing consensus regarding the probability of a reduction.
In the wake of Bitcoin’s decline, altcoins have faced even steeper losses. For example, dogwifhat (WIF) recorded a 12.4% drop, and BONK saw a 10% decrease. Other altcoins such as THORChain RUNE also fell by 10%, while Jupiter (JUP) and Ethereum Name Service (ENS) declined by 8% and 9%, respectively.
Among the larger-cap cryptocurrencies, the most significant losses include Solana (SOL) with an 8% drop, XRP down 6%, Cardano (ADA) falling 4%, and both Ethereum (ETH) and Dogecoin (DOGE) experiencing a decline of 4.4%.
Data from CoinGlass reveals that nearly 67,000 traders have been negatively impacted by this heightened volatility.
BTC positions have seen $61.85 million in liquidations, while ETH positions have encountered $61 million. In total, the value of liquidated positions stands at $225.4 million at the time of writing.
