Bitcoin and Ethereum Prices Drop as Solana and Dogecoin Lead Weekly Decline

The cryptocurrency market experienced a challenging week, with major assets like Bitcoin, Ethereum, and Solana facing further declines, leading to significant liquidations. Bitcoin, for example, dropped nearly 6% in the last 24 hours, falling below $58,000 and marking a 16% decrease over the past week from its peak of almost $70,000. Ethereum also saw an 8% decline, currently priced at $2,666, with other assets like Binance Coin (BNB) and XRP down around 7-8% for the day.

Among the top 10 cryptocurrencies by market cap, Solana and Dogecoin were the biggest losers over the week. Solana plummeted nearly 28% to $133, while Dogecoin fell around 23% to just under $0.10. The overall market trend was bearish, leading to significant liquidations totaling $353 million in long and short positions within the past 24 hours, with Bitcoin accounting for $115 million of the liquidations, primarily affecting long positions.

The downward trend in crypto prices intensified following a bleak U.S. jobs report on Friday, sparking concerns of a possible recession and impacting both the crypto and stock markets. While some analysts believe that a recession could potentially benefit Bitcoin and other digital assets in the long run, 10x Research warned that U.S. economic instability could drive Bitcoin below the $50,000 mark.

Despite the challenging market conditions, there is optimism among some analysts regarding the long-term prospects for cryptocurrencies. However, the recent market volatility serves as a reminder of the inherent risks associated with digital asset investments. It is essential for investors to carefully assess market conditions and stay informed about economic developments that could impact the crypto landscape.