Bitcoin Crashes to $65K, Altcoins Suffer Double-Digit Losses Amid Market Turmoil $BTC $ETH $SOL

The cryptocurrency market experienced a significant downturn this week, with leveraged derivatives positions worth approximately $180 million being liquidated across various crypto assets, according to data from CoinGlass. Optimism from softened inflation data was short-lived as the week took a turn for the worse.

Smaller cryptocurrencies faced even more severe losses. The CoinDesk 20 Index, which tracks the top 20 digital assets, fell nearly 12% over the week. Ethereum (ETH) saw its value dip to $3,400, marking a 10% loss. Tokens from competing layer-1 networks, including Solana (SOL), Avalanche (AVAX), Cardano (ADA), and Near (NEAR), suffered even steeper declines ranging from 15% to 20%.