Saturday, June 15, 2024, the price of Bitcoin today is quoted at US$66,238.09 with a drop of 2% in the last 24 hours.

The week was turbulent for the cryptocurrency market, which witnessed a steep drop in prices. Bitcoin, the leading cryptocurrency, suffered a significant decline, plummeting below $70,000, triggering a series of mass liquidations. This negative movement led to a loss of around $100 billion in market capitalization.

The situation worsened on Friday night, with widespread selling after the closure of traditional markets. The trigger appears to have been the previous month’s Consumer Price Index (CPI) report, which, although it showed a slowdown in inflation, was not enough to calm investors’ nerves.

The market showed some recovery over the weekend, but the bulls’ attempted recovery throughout the week failed to gain traction, with Bitcoin struggling to stay above the $67,000 mark.

Meanwhile, other cryptocurrencies, especially altcoins, faced even steeper devaluations. The price of Ethereum fell close to US$3,360 and lost more than 4% in the week. Now ETH is priced at US$3,555.81 with an increase of almost 2% in the last 24 hours.

In this scenario, cryptocurrencies such as SOL and SHIB saw their prices fall by 13%, while ETH and NEAR recorded drops of 8% and 18%, respectively. Volatility has spared virtually no coins across the crypto spectrum. The cryptocurrency that is in focus this weekend is Uniswap (UNI) quoted at US$ 11.35 with a 5% increase in the last 24 hours.

In addition to price movements, the week was also marked by intriguing developments. MicroStrategy, known for its strategic Bitcoin purchases, announced its intention to acquire an additional $500 million in the cryptocurrency. “There are no surprises there,” commented a market analyst.

Meme coins, a particularly volatile niche of the market, were also in the spotlight. Andrew Tate and Iggy Azalea, two celebrities who previously denied any involvement with cryptocurrencies, launched their own coins, sparking accusations of insider trading from the community.

FLOKI fell more than 20%, while WIF, Bonk, DOGE and Shiba Inu fell more than 15%. Pepe coin fell more than 15% near the support of US$0.00001050 and is now quoted at US$0.00001250.