Bitcoin (BTC) falls by $3,000, causing a loss of $60 billion in the cryptocurrency market (MarketWatch)

Bitcoin prices rose for several days, hitting a local high of over $65,500 yesterday, but quickly fell by more than two grand.

Altcoins are also heavily in the red today, with DOGE, SHIB, and AVAX being among the worst performers among large-cap stocks.

BTC stops at $65,500

The major cryptocurrencies have been in a very volatile and painful situation this past week, dropping sharply to a two-month low of $56,500 on Wednesday. Another rollercoaster ride ensued after the Federal Reserve announced it would not raise interest rates later in the day, but the real rebound began on Thursday and Friday.

In fact, the asset soared several notches on Friday, topping $60,000. It continued to rise over the weekend, approaching $64,500. After a brief retrace on Sunday, the asset went on the offensive again on Monday morning, surging to a 12-day high of $65,500.

While the bulls prepared for more charges, the bears resumed control and pushed Bitcoin down by about 3 grand. As a result, BTC fell to $62,650 (on Bitstamp).

It has since recovered somewhat and is currently trading above $64,000. Its market capitalization has settled at $1.26 trillion, but its control over alternatives is approaching 51%.

DOGE, SHIB, AVAX Go Down Hard

Altcoins were surging yesterday, but now the trend for most currencies has changed. In fact, SOL is currently Green's only large-cap stock, with him approaching $160 after a 2% rise.

In contrast, DOGE fell 5.3% to less than $0.16, SHIB fell 6% to $0.000024, and AVAX fell 5.8% to $37.

The situation is similar for mid-cap alternatives, with MATIC, HBAR, STX, PEPE, TAO, and ICP down 5-9%. RNDR is the only exception. The asset soared above $10 after another 5% daily gain.

The market capitalization of cryptocurrencies fell by about $60 billion in one day to just under $2.5 trillion.