Major cryptocurrencies declined on Tuesday evening as a broader market correction liquidated over $650 million worth crypto in the last 24 hours.
Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
Bitcoin (CRYPTO: BTC) | -4.44% | $62,942 |
Ethereum (CRYPTO: ETH) | -5.42% | $3,223 |
Dogecoin (CRYPTO: DOGE) | -4.36% | $0.12 |
What Happened: The price of Bitcoin plummeted below $63,000, triggering a widespread sell-off across the global crypto market.
In just 24 hours, the market capitalization dropped by 8% to reach $2.4 trillion, as reported by CoinMarketCap.
BitMEX Research data revealed an outflow of over $640 million from Grayscale’s spot Bitcoin ETF (NYSE:GBTC) on March 18, marking the largest day of outflows since its trading debut on Jan. 11. In contrast, Fidelity’s Bitcoin ETF (BATS:FBTC) experienced inflows of approximately $5.9 billion. Consequently, there was a net outflow from spot Bitcoin ETFs, totaling $154 million.
In the last 24 hours, over 197,035 traders faced liquidation, resulting in total liquidations amounting to $654.48 million. The most noteworthy liquidation occurred on OKX – BTC-USDT-SWAP, with a value of $12.25 million, data from CoinGlass shows.
BTC longs valued at $142 million and ETH longs worth $126 million were liquidated too.
According to CryptoQuant, an on-chain data provider, users who have held BTC for less than five months have been realizing profits over the last week, contributing to the selling pressure.A chart posted by the on-chain analytics firm on X shows the short-term holder SOPR ratio for BTC, indicating a significant movement related to profit realization by short-term holders who have held BTC for less than 5 months.
Top Gainer (24 Hour)
Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
Fantom (CRYPTO: FTM) | +15.63% | $1.01 |
Pepe (CRYPTO: PEPE) | +13.24% | $0.000007164 |
Celestia (CRYPTO: TIA) | +11.62% | $13.61 |
The global cryptocurrency market cap now stands at $2.39 trillion, showing a 7.34% decrease in the past 24 hours.
In Tuesday’s trading, stocks surged as the Federal Reserve initiated its two-day policy meeting.
The Dow Jones Industrial Average soared by 320.33 points, or 0.83%, concluding at 39,110.76, marking its most impressive performance since Feb. 22. The S&P 500 also climbed by 0.56% to reach a new record of 5,178.51, while the Nasdaq Composite experienced a 0.39% increase, closing at 16,166.79.
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Analyst Notes: Cryptocurrency analyst Michael Van de Poppe said significant bounces across various cryptocurrencies suggest a forthcoming upward momentum.
"Tomorrow is a big day -> FOMC, but I think we’ll be closer to a local bottom, and we are likely seeing BTC pairs running from here. A good quarter for altcoins is on the horizon."
The looming upcoming Federal Reserve meeting on Wednesday aims to determine whether the current correction has reached its conclusion.
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