It’s not always roses and rainbows in the cryptocurrency market and even though it may have felt like it for the past few weeks, the last seven days made sure to remind us of it. The total capitalization dropped by more than $300 billion as Bitcoin’s price went on a complete rollercoaster, similar to that of the majority of altcoins.

The first few days of the week started as we are more or less used to by know – up only. Bitcoin’s price tapped a new all-time high above $108,000 and the market was anticipating the results of the meeting of the US Federal Result. Quite frankly, everyone was expecting for the institution to once again cut the interest rates, which is generally perceived as a positive move as far as risk-on assets go. Oh, if it were true this time around.

During the meeting, the Chairman Jerome Powell said that they might consider a slowdown of rate cuts, given that the inflation in the country is rising. This propelled a market-wide sell-off across the crypto industry but also across tradfi as the majority of indices also dropped considerably.

More interestingly, Powell addressed the possibility of Bitcoin becoming a reserve asset for the country, saying that the Federal Reserve is legally prohibited from holding it. This might put a dent into Trump’s plans and it appears that investors didn’t like it as the cryptocurrency is now trading below $100K, having plummetted to around $92,000 earlier today.

The sell-off also triggered over $1.3 billion worth of liquidated positions across the cryptocurrency market on Friday alone.