The post $300B Wiped From Crypto Markets in Days as BTC Tanks Below $110K After Powell Speech: Your Weekly Recap appeared com. It wasnt a particularly good week for bitcoin and the broader crypto market, as almost all charts are deep in the red on a 7-day scale. It all started at the end of the previous business week after BTC had jumped to $118,000 on Thursday morning following the Feds expected rate cut. However, the assets rally ran its course prematurely, and it started to lose value gradually, dropping to $116,000 by Friday. The weekend went as anticipated, little to no action, but then came the familiar Monday drop. Bitcoin went from just over $115,500 to $112,000, wiping out billions of dollars worth of leveraged positions. The bulls tried to halt the freefall, but their best effort took BTC to $114,000 briefly on Tuesday. The bears quickly reemerged and initiated another couple of consecutive leg downs. The culmination took place earlier on Friday when BTC plunged to $108,600. This became its lowest price tag since the start of the month. Perhaps the most evident reason behind this collapse is the latest comments coming from US Fed Chair Jerome Powell. The head of the central bank sent some mixed signals regarding the inflation levels, which were interpreted as a warning sign for riskier assets like crypto. Although BTC has recovered some ground since its local low, its still beneath $110, 000 as of press time. Its 6. 2% weekly decline, though, seems negligible compared to massive double-digit price drops from the likes of ETH, DOGE, SOL, ADA, LINK, AVAX, and especially HYPE, which is down by over 25% following the rise of a new competitor. But more on that later. These price collapses are best highlighted by the total market caps plunge, which went from over $4. 150 trillion at this time last Friday to under $3. 850 trillion as of now. Market Data Weekly Market.