The cryptocurrency market is experiencing one of its worst weekly drops of the year, with Bitcoin leading the decline. The price of Bitcoin fell below $62,500, trading at its monthly low of around $62,490. This marks a six-day streak of outflows from US Bitcoin ETFs, fueled by uncertainty over monetary policies. The leading cryptocurrency has lost 6% of its value in the last seven days.

Ethereum, the second-largest cryptocurrency, has also felt the pinch, shedding over 6% of its value in the last week. After trading at nearly $4,000 earlier this month, Ethereum has dropped to $3,360, according to Coingecko data. The Federal Reserve's decision to leave interest rates unchanged and hint at only one rate cut this year has contributed to the downturn. High interest rates diminish the appeal of speculative assets like cryptocurrency.

The correction has deepened across the board, with the entire crypto market down to $2.39 trillion, a 3.5% drop in the last 24 hours alone. Top altcoins like BNB, Solana, and XRP have lost 6.6%, 16%, and 4% of their value in the last seven days, respectively. Even meme coins like Dogecoin, Shiba Inu, and PEPE have felt the impact, down 5%, 6%, and 11% in the last 24 hours.

The market uncertainty has led to a sharp correction in almost all major altcoins. Telegram's TON, which had a decent run recently, has dropped nearly 13% from its all-time high of $8.25. Dogwifhat has suffered the most, losing almost half of its gain in the last week.

The crypto market is experiencing a significant downturn, with Bitcoin and Ethereum leading the decline. The Federal Reserve's decision on interest rates and uncertainty over monetary policies have contributed to the correction. As the market continues to fluctuate, investors are advised to exercise caution and monitor the situation closely.

The current correction serves as a reminder of the volatile nature of the cryptocurrency market. While some investors may be tempted to panic sell, others see this as an opportunity to buy the dip. As the market continues to evolve, one thing is certain this the crypto space will remain a thrilling and unpredictable ride.