The cryptocurrency market experienced a broad downturn over the weekend, with Bitcoin losing its $70,000 support level and dropping to a three-week low near $68,000. This decline was triggered by a combination of hawkish Federal Reserve commentary and escalating geopolitical tensions following former President Trump's statements on the Iran conflict.
Bitcoin's volatile week saw it reach a six-week peak of $76,000 on Monday after breaking above $74,000. However, the rally was short-lived, with prices returning to $74,000 by Wednesday. Significant volatility surrounded the Federal Open Market Committee (FOMC) meeting, where Bitcoin dropped $3,000 ahead of the announcement. Although the Fed left interest rates unchanged, Chairman Jerome Powell's hawkish remarks indicating no rate reductions in 2026 pushed Bitcoin down to approximately $69,000. A brief recovery to $71,000 on Saturday was reversed overnight as geopolitical concerns resurfaced.
Altcoins followed Bitcoin's decline, with Ethereum dropping over $300 from its weekly peak of $2,400 to trade below $2,100, representing a 3.4% decline in 24 hours. XRP was rejected at $1.60 and now struggles below $1.40. Other major cryptocurrencies including Solana (SOL), Cardano (ADA), Dogecoin (DOGE), Binance Coin (BNB), and Chainlink (LINK) all declined 2-4% in the past day. Among the poorest performers were HYPE, down nearly 5% to $38, and ZEC, which dumped 7%. AAVE, DOT, and SUI also saw declines of 3-4%.
In stark contrast, SIREN, an AI-focused cryptocurrency operating on the BNB Chain, defied the market slump with a spectacular 90% surge in 24 hours, reaching a new all-time high above $1.70. This performance made it the standout gainer during a period of widespread market uncertainty.
The total cryptocurrency market capitalization has shed nearly $200 billion since Wednesday morning's high, currently standing at $2.430 trillion according to CoinGecko data.
