Bitcoin price has plunged again in the past few hours, dropping several thousand dollars to a multi-week low below $62,000. This is the lowest price since the US Federal Reserve cut interest rates in mid-September.

Earlier this morning, CryptoPotato reported that BTC had recovered from yesterday’s price drop below $63,000 and was approaching $64,000. However, BTC was rejected there and fell sharply. First, it fell back to $63,000, but the pressure continued until it reached $61,800 (on Bitstamp) a few minutes ago.

The bulls managed to stop this decline and Bitcoin has recovered about a thousand dollars since then. Most altcoins have followed this trend, with ETH down more than 3% in the past 24 hours, SOL down 3.6%, and DOGE down more than 5%.

Interestingly, this price drop occurred despite Jerome Powell, the Fed Chairman, saying yesterday that he expects two more interest rate cuts from the US central bank before the end of the year.

This massive volatility has liquidated nearly 120,000 overextended traders in the past day. The total value of destroyed positions is $350 million. Wondering who lost the most? Let's discuss in the comments column! 🚀