•Crypto markets lost $40B over the weekend as Bitcoin dropped to a 10-day low.
•The US PCE inflation metric increased by 0.6% for January, resulting in a sharp price drop of BTC from $24,000 to just under $23,000.
•Altcoins such as MATIC, DOT, UNI also reported substantial losses.
This article looks at how the crypto market cap lost the $1.1 trillion mark and how Bitcoin dropped to a ten-day low over the weekend due to an increase in US PCE inflation metric which resulted in a sharp price drop of BTC from $24,000 to just under $23,000. Additionally, altcoins such as MATIC, DOT and UNI reported substantial losses.
At the end of last week Bitcoin skyrocketed by double digits to chart a six-month high above $25,000 but failed to break that line at first with quick rejections on all three attempts. The latest attempt pushed it south down to $23,500 after which the bulls tried intercepting it back up above $24,000 hours later. However when the US announced that their PCE inflation metric had increased by 0.6%, BTC reacted with a sharp price drop down below $23K thus recording its lowest tag in ten days.
Not just Bitcoin but most of the cryptocurrency market was affected resulting in substantial losses for altcoins like MATIC and DOT along with UNI who recorded some of the most significant drops among all other coins this past weekend.
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