BTC Price Index and Live Chart – CoinDesk”>(BTC) tumbling to its weakest price in four weeks on Friday.

BTC fell more than 2% within an hour, from the area of $67,000 to $65,100 in the U.S. session. The top crypto fell 7.5% in the last seven days.

The smaller cryptocurrencies experienced even greater declines. The CoinDesk Index, which is the benchmark for all cryptocurrencies, lost almost 12% in a week. CoinGecko shows that Ether (ETH), which has lost over 10% in the past week, fell to $3,400. Native tokens from rival layer-1 networks Solana(SOL), Avalanche(AVAX), CardanoADA and Near (NEAR), have also seen declines between 15%-20%.

CoinGlass shows that the rapid tumble has liquidated over $180 million in leveraged derivatives positions across all cryptoassets during the last 24 hours. The majority of these longs bets were on higher prices. The week-end shakeout resulted in a total of $870 million worth of liquidations. This flushed excess leverage out of the markets.

Many market participants and analysts had predicted a breakout of bitcoin to new records highs, supported with a slower rate of inflation and soft economic data. However, attempts at rallies have been quickly sold off leaving BTC in its sideways range.

Click here to read more about why Bitcoin isn’t keeping pace with Nasdaq

This Wednesday, the Federal Reserve projected that it would only make one rate reduction this year. This was less than its previous projection, and disappointed investors who had hoped for a looser monetary system this summer. Political unrest in Europe, with the announcement of a snap French election, also drove the U.S. Dollar Index (DXY), its highest level in over a month. This put pressure on bitcoin.

Bitcoin was also affected by an increase in selling from miners as well as profit-taking among long-term holders around the $70,000 mark, according to 10X Research . This weighed on the wider crypto market.

Stephen Alpher edited the book.