Bitcoin experiences a sudden 7% drop, leading to over $660 million in cryptocurrency liquidations. This decline is attributed to a combination of factors including a weakening ETF narrative and disappointing economic data from the United States.
Bitcoin's value plummeted by 7.5% within hours, dropping from $72,000 to $66,500 in early trading on March 15.
This sharp downturn resulted in liquidations exceeding $661 million within a 24-hour period, impacting nearly 200,000 traders. Long positions accounted for 80% of these liquidations, amounting to $525.2 million, while short positions totaled $136.5 million.
The cryptocurrency market capitalization decreased by 7.3% to $2.68 trillion, with approximately $175 billion leaving the market.
According to Greeks Live, a provider of crypto derivatives tools, there has been a recent shift in market sentiment, possibly indicating a change in the narrative surrounding ETF inflows.
Pav Hundal, lead analyst at Swyftx, suggests a potential correction towards the low $60,000 or high $50,000 range if ETF volumes continue to decline, citing concerns over inflation data.
Data from Farside Investors shows that aggregate spot Bitcoin ETF inflows were at a monthly low of $133 million on March 14.
Crypto trader and analyst "CrediBULL Crypto" expressed to followers on X that the current drop may continue, with Bitcoin possibly falling to around $63,000 to $64,000.
The release of economic data in the United States, particularly the Producer Price Index (PPI) and Consumer Price Index (CPI), contributed to the accelerated declines in the cryptocurrency market. Higher-than-expected PPI data suggests prolonged high rates from the Federal Reserve, while CPI data worsened America's economic outlook.
Asian stock markets also experienced a retreat on Friday following disappointing U.S. economic data, dampening hopes for imminent interest rate cuts.
Raoul Pal predicted that the number of crypto users could reach four billion by 2030, with the market potentially hitting $100 trillion by 2032. He based this on wallet growth compared to early internet adoption, though critics say wallet counts may overstate real usage.
AnaisSouth Korea’s FSC nominee, Lee Eok-won, sparked controversy by calling cryptocurrencies worthless and warning against pension fund investments. Critics say his stance ignores crypto’s real economic value and risks driving investment and talent abroad.
AnaisHollywood is making a new thriller called Killing Satoshi about the mysterious creator of Bitcoin, starring Casey Affleck and Pete Davidson. The film will explore Satoshi Nakamoto’s secrets and the global race for control over his $120 billion in untouched Bitcoin.
AnaisKidnappings, crypto manipulation and institutional corruption are no longer just the subplot of crime thrillers; they have become fixtures of our digital reality.
XingChiMetaplanet, a Japanese firm known for its aggressive Bitcoin accumulation strategy, has announced plans to raise approximately $880 million through an overseas share issuance.
XingChiThe UAE has built a Bitcoin reserve of around 6,300 BTC, worth up to $740 million, mainly through state-backed mining. This makes it one of the largest national holders, ranking just ahead of El Salvador.
AnaisA Philippine lawmaker has proposed that the central bank buy 2,000 bitcoins each year for five years, creating a national reserve of 10,000 coins. The plan aims to strengthen the country’s finances and provide a long-term store of value alongside traditional reserves like gold and foreign currency.
WeatherlyJapan plans to tax crypto profits at a flat 20% instead of rates as high as 55%. The regulator also aims to allow crypto ETFs and approve the country’s first yen-backed stablecoin.
AnaisArthur Hayes, the BitMEX co-founder pardoned by Donald Trump, has invested in a stem cell firm with clinics in Mexico and Bangkok. He is also backing crypto treasury firms while warning that the market may already be overheating.
WeatherlyA Pennsylvania lawmaker has put forward a bill to stop politicians and their families from owning or trading crypto while in office. The plan follows claims that Donald Trump has used his role to profit from tokens like his own memecoin.
WeatherlyA top US lawyer Jeremy Hogan recently shared his opinion on the SEC vs. Ripple Case.
CryptoSlateXRP community around lawyer Frederick Rispoli has brought a class action lawsuit against Coinbase and its CEO Brian Armstrong.
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