Bitcoin, which rose above $63,000 today, dropped to $58,000 with a sharp decline in the night hours. The decline in Bitcoin was followed by altcoins, as always.

Fed chairman Jerome Powell’s statements on Friday had an extremely positive atmosphere in the cryptocurrency market. Bitcoin rose as high as $65,000, while altcoins saw stronger price increases. Now things are reversed. In the derivatives market, more than 85 thousand investors’ positions totalling more than $300 million were closed at a loss.

“Bitcoin reminded the period in 2019”

The reason for the decline in Bitcoin is not yet known. On the other hand, Bloomberg ETF analyst James Seyffart wrote that Bitcoin has moved in the range of $50,000 to $70,000 in the last six months, reminding the period from mid-2019 to early 2020 . Bitcoin was moving in the $7,000 to $10,000 band at that time. Seyffart also stated that he know that past movements should not be equated with current conditions.

The total market capitalisation of cryptocurrencies decreased from $2.22 trillion to $2.05 trillion. The biggest depreciation in the top 100 cryptocurrencies in terms of market capitalisation was in WIF, ENS and JUP. These cryptocurrencies lost 12%, 10.5% and 10%, respectively.