The cryptocurrency market is experiencing one of its worst weeks of the year, with Bitcoin's price dipping below $62,500 and the entire market witnessing a significant correction. The leading cryptocurrency is currently trading at its monthly low of around $62,490, down 6% in the last seven days. This marks a six-day streak of outflows from US Bitcoin ETFs, amidst uncertainty over monetary policies.

The Federal Reserve's recent decision to leave interest rates unchanged and hint at only one rate cut this year has contributed to the market's downturn. High interest rates have an inverse effect on crypto, making speculative assets like cryptocurrencies less appealing. As a result, the appeal of Bitcoin and other cryptocurrencies has diminished, leading to a market-wide correction.

Ethereum, the second-largest cryptocurrency, has also felt the pinch, shedding over 6% in the last seven days. After trading at nearly $4,000 earlier this month, ETH has dropped to $3,360, according to Coingecko data. The correction has affected all major altcoins, with BNB, Solana, and XRP down 6.6%, 16%, and 4%, respectively, in the last seven days.

Meme coins, which have been popular in recent times, have also suffered significant losses. Dogecoin, Shiba Inu, and PEPE are down 5%, 6%, and 11%, respectively, in the last 24 hours. Dogwifhat has been the hardest hit, losing almost half of its gains in the last week.

The crypto market's correction has resulted in a significant decline in its overall value, with the market capitalization dropping to $2.39 trillion, a 3.5% decrease in the last 24 hours alone. As the market continues to experience uncertainty and volatility, investors are advised to exercise caution and monitor developments closely.

The current correction serves as a reminder that the cryptocurrency market is highly unpredictable and subject to sudden fluctuations. While some investors may be discouraged by the recent downturn, others see it as an opportunity to buy into the market at lower prices. As the market continues to evolve, it remains to be seen whether the correction will deepen or if the prices will recover in the coming days.