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Bitcoin Experiences Price Fluctuations
Bitcoin (BTC) saw significant price fluctuations on March 21, hitting a 24-hour low of $64,760 just 18 hours after reaching a daily high of $68,120. The majority of the drop occurred rapidly, with BTC falling 3.2% from $66,906 to $64,760 within a span of three hours. As of the latest update, Bitcoin had marginally climbed back above the $65,000 threshold, although downward pressure persisted in the market. The flagship cryptocurrency was trading at $65,131 at 8:50 pm UTC, boasting a market cap of $1.28 trillion, reflecting an overall decrease of 3% over the past 24 hours. Despite the daily lows, the price of Bitcoin remains at a 27-month peak.
Market-Wide Dips
Most other cryptocurrencies experienced similar downward trends, with almost all of the top ten coins seeing declines of 3% to 5% over the course of several hours. Solana, in particular, saw a notable decrease, dropping from a local high of $195 to a daily low of $176 before recovering slightly to $179. Meanwhile, Ethereum’s decline was less severe, with its price dipping from $3593 to $3421 during the same timeframe. The second-largest cryptocurrency by market cap was trading at $3500 as of the latest data.
Liquidations and Volatility
Bitcoin long positions witnessed substantial liquidations totaling around $14 million in the past four hours, surpassing short liquidations of $3 million, indicating a robust influx of bearish sentiment following the market’s recent rally. Overall liquidations during this period, encompassing the entire market, amounted to $46.27 million, with long positions accounting for $36.39 million. The market has exhibited extreme volatility since March 18, marked by a correction subsequent to Bitcoin’s surge to a new all-time high of $73,881 weeks prior.
The past day has underscored this volatility, with a total of $192.1 million liquidated from the market, split between $111.03 million in long positions and $81.07 million in shorts. In the context of this volatility, Bitcoin has struggled to maintain a steady rally back to its peak amid considerable selling pressure from Grayscale, totaling billions of dollars.
ETF Flows
Grayscale’s spot Bitcoin ETF has divested approximately 261,564 BTC since its launch in January, with consistent outflows and no inflows recorded to date. Despite this selling pressure, the Newborn Nine ETFs have demonstrated strong performance, accumulating hundreds of thousands of BTC in record time and driving demand to new heights.
Nevertheless, the Newborn Nine’s influx has waned in recent weeks amid the market downturn, resulting in consecutive net outflow days. On March 20 alone, the ETFs registered inflows of $125.0 million, contrasting with GBTC outflows of $386.6 million, totaling $261.6 million in net outflows.
Market Data Snapshot
As of 10:25 pm UTC on Mar. 21, 2024, Bitcoin holds the top rank by market cap, with a price decline of 3.23% over the previous 24 hours. The cryptocurrency’s market capitalization stands at $1.29 trillion, accompanied by a 24-hour trading volume of $46.06 billion.
Overall, the cryptocurrency market is valued at $2.5 trillion, with a 24-hour trading volume of $124.92 billion. Bitcoin dominance currently sits at 51.61% in this dynamic and evolving landscape.
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