Ethereum

Solana

Bitcoin

Shiba Inu

Billion

<p>Crypto market saw massive selloff in the last 24 hours plunging the global crypto market cap by more than 2% from <strong>$2.57 trillion</strong> to a low of $2.29 trillion. Bitcoin (BTC) and <a href="https://coingape.com/price/ethereum" target="_blank" rel="noopener noreferrer nofollow">Ethereum (ETH) prices</a> tumbled 15% within 5 hours, and other altcoins including Solana (SOL), BNB, XRP, and Cardano (ADA) also fell. Dogecoin (DOGE) and Shiba Inu (SHIB) prices that saw huge rally amid meme coin frenzy also tumbled over 25%.</p>
<h2 id="bitcoin-miners-and-whales-driven-market-crash">Bitcoin Miners and Whales-Driven Market Crash</h2>
<p>The selloff happened immediately after the <a href="https://coingape.com/breaking-bitcoin-achieves-all-time-high-climbing-above-69k/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin price</a> broke a new all-time high of $69,200. CryptoQuant on-chain data on Miner Reserve and Miner to Exchange revealed a significant movement of BTCs to exchanges. These BTC movements triggered Bitcoin to tumble 15% from new highs of nearly $69,200 to $59,323 in the last 24 hours. BTC miner reserve has dropped to 1.82 million, reaching the 2021 level.</p>
<p>CoinGape also reported Satoshi era <a href="https://coingape.com/crypto-market-crash-bitcoin-btc-price-ready-for-25-correction-amid-miner-dumping/" target="_blank" rel="noopener noreferrer nofollow">1,000 bitcoins</a>, valued at approximately $69 million, transferred to Coinbase. These Bitcoins’ movements happened from addresses associated with miners. BTC selling pressure by miners are rising as <a href="https://coingape.com/halving/bitcoin-halving/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin halving</a> approaches.</p>
<figure id="attachment_184304" aria-describedby="caption-attachment-184304" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class=" wp-image-184304" src="https://coingape.com/wp-content/uploads/2024/03/screenshot-cryptoquant.com-2024.03.06-12_11_09.png" alt="Bitcoin Miner Reserve" width="797" height="356" srcset="https://coingape.com/wp-content/uploads/2024/03/screenshot-cryptoquant.com-2024.03.06-12_11_09.png 1535w, https://coingape.com/wp-content/uploads/2024/03/screenshot-cryptoquant.com-2024.03.06-12_11_09-300x134.png 300w, https://coingape.com/wp-content/uploads/2024/03/screenshot-cryptoquant.com-2024.03.06-12_11_09-1224x547.png 1224w, https://coingape.com/wp-content/uploads/2024/03/screenshot-cryptoquant.com-2024.03.06-12_11_09-768x343.png 768w, https://coingape.com/wp-content/uploads/2024/03/screenshot-cryptoquant.com-2024.03.06-12_11_09-150x67.png 150w" sizes="(max-width: 797px) 100vw, 797px">
 <figcaption id="caption-attachment-184304" class="wp-caption-text">
  Bitcoin Miner Reserve. Source: CryptoQuant
 </figcaption>
</figure>
<p>Whales also participated in the selloff with Whale Alert showcasing massive BTC, ETH, XRP, DOGE, SHIB, LTC, MATIC, and other altcoins dumped to crypto exchanges. Whales and market makers book massive profits from the recent crypto market rally.</p>
<h2 id="over-1-billion-in-liquidations">Over $1 Billion in Liquidations</h2>
<p>Overall the crypto market saw over $200 billion in market value lost in the recent liquidations as BTC price hit new ATH. Coinglass data indicates nearly <strong>$1.10 billion</strong> in crypto liquidations, with over 297K traders liquidated in the last 24 hours. The largest single liquidation order of <strong>XBTUSD valued at $9 million</strong> happened on crypto exchange BitMEX</p>
<p>Nearly 820 million longs and $235 million shorts were liquidated, with Bitcoin and Ethereum witnessing over $309 million and $185 million liquidated. This caused the crypto market to bleed, but it also offered a buy-the-dip opportunity.</p>
<figure id="attachment_184303" aria-describedby="caption-attachment-184303" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class=" wp-image-184303" src="https://coingape.com/wp-content/uploads/2024/03/screenshot-www.coinglass.com-2024.03.06-12_08_36.png" alt="crypto market liquidation " width="801" height="201" srcset="https://coingape.com/wp-content/uploads/2024/03/screenshot-www.coinglass.com-2024.03.06-12_08_36.png 1862w, https://coingape.com/wp-content/uploads/2024/03/screenshot-www.coinglass.com-2024.03.06-12_08_36-300x75.png 300w, https://coingape.com/wp-content/uploads/2024/03/screenshot-www.coinglass.com-2024.03.06-12_08_36-1224x307.png 1224w, https://coingape.com/wp-content/uploads/2024/03/screenshot-www.coinglass.com-2024.03.06-12_08_36-768x193.png 768w, https://coingape.com/wp-content/uploads/2024/03/screenshot-www.coinglass.com-2024.03.06-12_08_36-1536x385.png 1536w, https://coingape.com/wp-content/uploads/2024/03/screenshot-www.coinglass.com-2024.03.06-12_08_36-150x38.png 150w" sizes="(max-width: 801px) 100vw, 801px">
 <figcaption id="caption-attachment-184303" class="wp-caption-text">
  Source: Coinglass
 </figcaption>
</figure>
<h2 id="macro-factors">Macro Factors</h2>
<p>Fed officials have already turned more cautious on rate cuts and expect the first rate cut in the second half of the year. Fed Chair Jerome Powell’s testimony ahead of House and Senate committees to provide a sharper view on monetary policy and rate cuts expectations amid mixed <a href="https://coingape.com/bitcoin-rally-continue-us-pce-cools-2-4-fed-rate-cuts-likely-june/" target="_blank" rel="noopener noreferrer nofollow">inflation data</a>.</p>
<p>Meanwhile, the US Dollar Index (<a rel="noopener noreferrer nofollow" href="https://www.marketwatch.com/investing/index/dxy" target="_blank">DXY</a>) rose to 103.89. It has continued to remain volatile in the last few weeks. Moreover, <strong>U.S. Treasury yields</strong> rose as investors look for fresh economic data due this week that could provide more insights. The US 10-year Treasury yield is 4.158%, making a rebound in the last few days.</p>
<p>CME FedWatch Tool shows a higher probability of rate cuts in June after recent economic data. However, Wall Street pushed back their forecasts on first rate cut to July and September.</p>
<h2 id="btc-price-continues-upside-on-strong-derivatives-data">BTC Price Continues Upside on Strong Derivatives Data</h2>
<p>While market participants book profits after recent rally and meme coin frenzy, derivatives data shows strength in the market. Funding rates have also dropped a bit after the recent crypto market selloff.</p>
<p>Bitcoin and Ethereum options remain higher as traders made higher calls than puts, with strong volumes. Bitcoin traders have over 14K calls for a strike price of $70K of notional value of $944 billion, indicating massive bullish sentiment.</p>
<p>Meanwhile, Bitcoin and Ethereum futures open interests are $32.85 billion and $13.19 billion, respectively. There has been a major shift from selling to buying in the last 4 hours, recording over 5% gain in OI across major cryptocurrencies.</p>
<p><strong>Also Read:</strong></p>
<ul>
 <li><a href="https://coingape.com/trending/top-altcoins-smashing-new-ath-this-week/" target="_blank" rel="noopener noreferrer nofollow">Top Altcoins Smashing New ATH this Week</a></li>
 <li><a href="https://coingape.com/bitcoin-etf-blackrock-fidelity-inflow-surge-to-900-mln/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin ETF: BlackRock &amp; Fidelity Inflow Surge To A Staggering $900 Mln</a></li>
 <li><a href="https://coingape.com/shiba-inu-lead-spotlights-the-shib-magazines-latest-edition-heres-everything/" target="_blank" rel="noopener noreferrer nofollow">Shiba Inu Lead Spotlights The Shib Magazine’s Latest Edition, Here’s Everything</a></li>
</ul>
<p>The post <a href="https://coingape.com/crypto-market-selloff-1-billion-btc-eth-xrp-shib-liquidated/" rel="noopener noreferrer nofollow">Crypto Market Selloff: Over $1 Billion In BTC, ETH, XRP, SHIB Liquidated, Here’s Why</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Crypto Market Selloff: Over $1 Billion In BTC, ETH, XRP, SHIB Liquidated, Here’s Why

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