Bitcoin reaches its lowest monthly level
Bitcoin (BTC) has seen sharp fluctuations in recent days, with its price falling to $65,000 yesterday for the first time in nearly a month.
Despite some slight recovery, altcoins were noticeably affected, with NEAR, FIL, and FET recording the largest losses.
Last week started off on a relatively positive note for the premier cryptocurrency, with the price of Bitcoin rising to just over $70,000 on Monday.
But by Tuesday, concerns began to grow over the US CPI data and the Federal Open Market Committee meeting.
These concerns led to Bitcoin falling to $66,000.
Once the CPI data was released, Bitcoin exceeded expectations and jumped back to $70,000, but this rise was temporary.
A day later, Bitcoin fell to $67,000, and the following evening saw a sharp drop to $65,000, a monthly low.
Despite the currency's slight recovery after the drop, rising around $1,000, Bitcoin is still down 1% on the day.
This volatility led to the liquidation of positions worth more than $200 million from about 75,000 traders in the past 24 hours.
Bitcoin's market value has fallen to $1.3 trillion, but its dominance of the digital currency market has remained steady at just over 51%.
