Bitcoin Slumps Amid Macro Headwinds, Altcoins Take a Beating

Bitcoin's attempt to reclaim $70,000 earlier in the week was short-lived, as it slid to $65,735 in early Asian hours on Saturday. This represents a decline of 3% over the past day and 2.8% on the week.

The market downturn is not limited to Bitcoin alone, with altcoins taking a significant hit. Solana led the decline at 6.7%, followed closely by ether at 6.2%. Dogecoin shed 5.1%, while XRP lost 4%. BNB was one of the few tokens that held up relatively well, down just 2.5%.

The trigger for this market downturn is largely attributed to broader macro headwinds, including inflationary pressure and anxiety about AI displacing jobs. The S&P 500 closed down 0.4%, the Nasdaq 100 dropped 0.3%, and the Dow fell 1.1% in Friday's U.S. session. Nvidia's continued decline after its post-earnings reaction added to the market's anxiety.