Bitcoin Price Drops to $65,000, Lowest in Nearly a Month

Bitcoin's value plummeted to $65,005, its lowest in almost a month, due to the Federal Open Market Committee's (FOMC) decision to leave interest rates unchanged and reduce them only once in 2024. This shift in market sentiment led to:

- Increased real yields, negatively impacting bitcoin
- Profit-taking and new short positions in the crypto futures market
- $200 million in losses for over 75,000 traders
- Declines in altcoin values, with a few exceptions like Ton and UNI
- A $50 billion drop in total crypto market capitalization

However, prices slightly rebounded on Sunday afternoon, with most altcoins seeing a minor increase.

Technical writer with immense interests in the crypto space. Web 4 enthusiast

This significant drop in Bitcoin's price highlights the market's sensitivity to macroeconomic decisions. It's a reminder of how interconnected global finance is with the crypto world. The minor recovery in altcoins is a silver lining, but traders should stay cautious and informed.