HomeCryptocurrenciesCryptocurrencies Slip, Bitcoin Drops to $66K

Cryptocurrencies Slip, Bitcoin Drops to $66K

Instead of surging to new highs as many crypto enthusiasts expected, Bitcoin experienced a rough week. The world’s most valuable cryptocurrency dropped all the way to $66K on Friday, marking a 5% plunge compared to last week’s prices.

With the latest data showing that inflation is cooling down and tech-heavy Nasdaq reaching record highs, many analysts expected Bitcoin and other cryptocurrencies to continue their gains from the beginning of the month. However, it appears that won’t be the case in the near future at least and that Bitcoin might be closer to its May lows.  

Among the reasons why Bitcoin isn’t doing as well as predicted is the decision of Bitcoin miners to sell off a lot of their holdings in the midst of a recent rally. For example, Marathon Digital transferred around 1,400 Bitcoin, valued at $98 million, since the start of the month. Additionally, more long-term holders also jumped on the wagon and cashed in when Bitcoin started hovering around the 70K mark.

Other cryptocurrencies also slipped. Ether has started the week trading at around $3,760 before sliding to $3,380 at one point on Friday. Coins like Avalanche, Solana, and Cardano had it even worse, losing 15% to 20% of their value.

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