Bitcoin Price Plummets to $65,735 Amidst Weekend Sell-Off

The cryptocurrency market has experienced a significant downturn over the weekend, with Bitcoin's price dropping to $65,735. This decline represents a 3% decrease from the past day and a 2.8% drop on the week. The losses were particularly pronounced in altcoins, which saw Solana plummet by 6.7%, Ether fall by 6.2%, Dogecoin shed 5.1%, and XRP lose 4% of its value.

The price drop is largely attributed to the broader market's risk sentiment deteriorating due to increasing inflationary pressure and anxiety over job displacement. The S&P 500 closed down 0.4%, the Nasdaq 100 dropped 0.3%, and the Dow fell 1.1% on Friday, with Nvidia shedding an additional 4.2% following its post-earnings reaction.

The decline in Bitcoin's price has also been accompanied by a decrease in institutional investment, despite strong inflows into U.S. spot Bitcoin ETFs, which added $1.1 billion in three days. However, these inflows have not been enough to counteract the broader market headwinds.