Bitcoin (BTC) Defends $100K Price as Traders Flee Altcoins
The crypto market compounded a negative week with a continued drawdown on Friday. Bitcoin dropped to $100,600 and ether is languishing as $3,270.
The move appears to be in line with the wider crypto market trend of late, which has seen BTC lose 18% of its value over the past 30 days. Both the CoinDesk 5 Index (CD5) of the largest, most active tokens and the broader CoinDesk 20 Index (CD20) have lost about 3% in the past 24 hours.
The fallout can still be attributed to comments out of the Federal Reserve earlier in the week that suggested a potential cooling of the rate-cutting cycle, causing a rise in the U.S. dollar and a slump in risk assets.
The altcoin market, with the exception of AI tokens, is performing…
