On Friday, the price of the world’s largest cryptocurrency, bitcoin, temporarily dropped below $59,000, thanks to global market uncertainties, reduced demand, and exchange-traded fund (ETF) outflows.
The cryptocurrency's price is hovering "near a bottom,” CryptoQuant data showed, as bitcoin continues to face downward pressure. Over the past week, bitcoin’s price plunged 6%, and experienced a 9% drop in value from earlier this month.
At the time of writing, bitcoin is currently trading at around $59,000, reflecting its ongoing struggle this month to maintain a price above $60,000.
Altcoins like the Telegram-linked Toncoin and Notcoin were also struggling on Friday, with both recording decreases of over 20% this week. Telegram CEO Pavel Durov’s arrest in France saw TON lose a staggering $3 billion this past Sunday, representing a slip of 25% . The blockchain network also experienced multiple outages this week impacting price performance.
The world’s second-largest cryptocurrency, ether, also faced headwinds this past week. Ether is currently trading at around $2,500, a significant drop from where it started earlier this month at approximately $3,146. The percent decline stands at 20.53% from its early August value.
Solana’s price also dipped to approximately $136, according to CoinMarketCap, representing a more than 19.52% drop from a price of $169 at the beginning of August.
Similarly, popular meme coin Dogecoin also recently registered losses of nearly 18%.
The subdued crypto market on Friday has led to increased liquidations, as traders seek to exit investments with plummeting values. "We believe that any dip in equities (and crypto) will be short-lived," crypto investment firm QCP Capital said . "With Powell and the Fed ready to kickstart a rate-cutting cycle, increased liquidity will eventually push risk assets higher. We are finally on the cusp of a rate-cutting cycle."