Crypto Market Bleeds: Bitcoin Price Drops to $67K, Liquidations Reach 800M
Bitcoin (BTC) experienced a significant drop in value, leading to liquidations exceeding $661 million within the last day and affecting almost 200,000 traders.
During the early hours of March 15, Bitcoin’s value plummeted by 7.5%, declining from $72,000 to $66,500 in a matter of hours. Presently, the price stands at an 8.3% decrease from its all-time high of $73,737 on March 14.
Long positions accounted for the majority of liquidations, resulting in $812 million in total liquidations over the last 24 hours. Short-position liquidations amounted to $143 million.
The crypto market capitalization experienced a 7.3% decline, reaching $2.68 trillion, with approximately $175 billion exiting the market.
According to Greeks Live, a provider of crypto derivatives tools, there was a noticeable shift in market sentiment on March 14, possibly signaling a change in the narrative surrounding ETF inflows.
READ MORE: The Crypto Market is on the Verge of a Major Boom – Arthur Hayes
Bitcoin ETF inflows on March 14 were significantly lower, down 48% compared to the 14-day average, reaching just $133 million, the lowest for the month, based on data from Farside Investors.
Crypto trader and analyst CrediBULL Crypto observed that the recent drop erased much of the open interest (OI) in derivatives markets, predicting a further decline with Bitcoin potentially falling to around $63,000 to $64,000.
Not just Bitcoin, but the whole cryptocurrency market dipped significantly on Friday. Ethereum declined by almost 8% and is currently trading at $3,680. Popular meme coins FLOKI and BONK also lost around 16% of their value.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
