Bitcoin bleeds, but this crypto coin takes the real hammering: 30% wiped out in a week

The crypto market remains under heavy pressure. Bitcoin fell below $67.000 on Saturday as investors fled risk assets en masse. Altcoins are also almost uniformly in the red, but privacy coin Zcash has been hit particularly hard, losing about 30% of its value in barely a week.

A key culprit is the strong US dollar. The Dollar Index climbed above 103, reaching its highest level in 19 months. That is usually bad news for Bitcoin and other cryptocurrencies. A stronger dollar makes cash and interest-bearing investments more attractive relative to more speculative investments.

Billions in positions wiped out

During the sell-off, Bitcoin even fell towards $67.000, its lowest level since August. Investors who had borrowed money to bet on further price gains were the hardest hit.

According to figures cited by CoinDesk, about $1.64 billion worth of leveraged positions were liquidated in 24 hours. Nearly 89% of that consisted of long positions. Bitcoin alone accounted for about $916 million in liquidations.

Ethereum, Solana and XRP also fell. Ethereum dropped towards $1.900. Zcash, which had attracted strong interest in recent months, took an even harder hit and lost about 30% in a week.

Yet crypto analyst Michael van de Poppe sees opportunities. According to the founder of MN Fund, a recovery in Bitcoin could ultimately kick off a new altcoin rally.