$300B Wiped From Crypto Markets in Days as BTC Tanks Below $110K After Powell Speech: Your Weekly Recap
It wasn’t a particularly good week for bitcoin and the broader crypto market, as almost all charts are deep in the red on a 7-day scale.
It all started at the end of the previous business week after BTC had jumped to $118,000 on Thursday morning following the Fed’s expected rate cut. However, the asset’s rally ran its course prematurely, and it started to lose value gradually, dropping to $116,000 by Friday.
The weekend went as anticipated, little to no action, but then came the familiar Monday drop. Bitcoin went from just over $115,500 to $112,000, wiping out billions of dollars worth of leveraged positions. The bulls tried to halt the freefall, but their best effort took BTC to $114,000 briefly on Tuesday.
The…
