The past 24 hours havent treated the cryptocurrency market well, with most coins trading well in the red.

Bitcoin plummeted below $61K, while the majority of altcoins are also charting considerable losses. Lets have a closer look.

Bitcoin Price Crashes Suddenly

BTC was trading relatively flat throughout the week, failing to break out in either direction and maintaining its stance at around $63K.

This all changed yesterday when the cryptocurrency took a massive hit and plunged rather suddenly toward $60K.

Source: CoinGecko The volatility induced over $200 million worth of liquidated positions over the past 24 hours and seemed to have been triggered by a statement from a representative of the US Federal Reserve.

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Invalid email address Your privacy is guranteed.Thanks for subscribing, you will get your first report in the next hours! Speaking at a conference in New Orleans, the President of the Dallas Fed Lorie Logan suggested that it may be too early to think about rate cuts.

I need to see some of these uncertainties resolved about the path that were on, and we need to remain very flexible.

The market didnt take this well, and all the charts are painted in red.

Altcoins Bleed Out Heavily

Trading at $60,800 at the time of this writing, BTCs price is down 3.5% in the past 24 hours.

If that sounds bad, dont look at the following heatmap.

Source: Quantify Crypto ETH lost 4.1%, SOL is down 6%, and DOT crashed by almost 6% as well similar to a lot of other coins such as BCH, AVAX, and UNI.

Although prices have stabilized throughout the past few hours, market analysts are monitoring the action closely to determine whether the bears are done or if another assault is inbound.

Theta Network (THETA), alongside THORChain (RUNE) are the coins that lost the most during the past 24 hours, down 10.8% and 9.2%, respectively.

On the other hand, Cheelee (CHEEL) and Akash Network (AKT) were able to curb the damage, increasing by around 3% throughout the same period.

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Cryptocurrency charts by TradingView.