Crypto News

Bitcoin sees dramatic fall below $65,000 in four hours

Bitcoin (BTC) hit a 24-hour low of $64,760 on March 21, just 18 hours after hitting a daily high of $68,120.

Most of the decline occurred over a shorter time frame, with BTC falling 3.2% from $66,906 to $64,760 in three hours. At press time, Bitcoin had only marginally recovered above the $65,000 mark, with downward pressure remaining on the market.

The flagship crypto was trading at 20:50 UTC at $65,131 with a market cap of $1.28 trillion, representing an overall decline of 3% over the past 24 hours. Despite Bitcoin’s daily lows, its price remains at its highest level in 27 months.

The rest of the market has generally seen similar declines, with almost all of the top ten coins down 3-5% over the past few hours.

Solana saw one of the biggest declines, falling from its local high of $195 to a daily low of $176 before recovering slightly to $179 at press time.

Meanwhile, Ethereum’s decline was less severe, with the price only falling from $3,593 to $3,421 during the period. The second-largest crypto by market cap was trading at $3,500 at press time.

Long comments

Long Bitcoin positions saw heavy liquidations of around $14 million in the last four hours compared to $3 million for short positions, indicating a strong influx of bearish momentum in the market following the rally in walk.

Meanwhile, total liquidations over the period, including the entire market, amounted to $46.27 million, with long positions accounting for $36.39 million.

The market has remained extremely volatile since March 18, amid a correction following Bitcoin’s rise to a new all-time high of $73,881 a few weeks before the halving. The gathering provoked

The last 24 hours paint a stark picture of volatility, as a total of $192.1 million was liquidated from the market, with long and short positions accounting for $111.03 million and $81.07 million respectively.

ETF flows slow

Bitcoin has struggled to sustain a strong rally back to its all-time high amid sustained grayscale selling to the tune of billions of dollars. The company’s spot Bitcoin ETF has sold approximately 261,564 BTC since its launch in January, without a single day of inflows.

Most of the selling pressure was countered by the Newborn Nine ETFs, which have seen record performance and inflows since their inception. ETFs accumulated hundreds of thousands of BTC in less than three months and drove demand to unprecedented levels.

However, Newborn Nine inflows saw a sharp decline over the past week amid a falling market, leading to back-to-back net outflows. ETFs saw just $125.0 million in inflows on March 20, compared to $386.6 million in GBTC outflows, for a total of $261.6 in total net outflows.

Bitcoin Market Data

At the time of going to press 10:25 p.m. UTC March 21, 2024Bitcoin is ranked #1 in terms of market capitalization and the price is down 3.23% in the last 24 hours. Bitcoin has a market capitalization of $1.29 trillion with a 24-hour trading volume of $46.06 billion. Learn more about Bitcoin ›

Crypto Market Summary

At the time of going to press 10:25 p.m. UTC March 21, 2024the total crypto market is valued at $2.5 trillion with a 24 hour volume of $124.92 billion. Bitcoin dominance is currently at 51.61%. Learn more about the cryptocurrency market ›

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