Cryptocurrency

Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/cryptocurrency-market-experiences-sharp-downturn-as-bitcoin-drops-8" rel="noopener noreferrer nofollow">Cryptocurrency Market Experiences Sharp Downturn as Bitcoin Drops 8%</a><br></p>
<p style="text-align: justify">The digital currency sphere has witnessed a noteworthy nosedive, with <a href="https://en.bitcoinhaber.net/tron-founder-justin-sun-foresees-a-crypto-milestone" rel="noopener noreferrer nofollow">Bitcoin</a> and other cryptocurrencies seeing a substantial dip in value. Bitcoin, the market leader, plunged by around 8%, landing at a price point of $67,345. This slump is primarily attributed to the unexpectedly high U.S. Producer Price Index (PPI) figures. Consequently, the crypto market’s capitalization suffered a staggering loss of over $200 billion.</p>
<h2 id="massive-liquidations-and-market-exodus">Massive Liquidations and Market Exodus</h2>
<p style="text-align: justify">The market’s volatility has been unkind to leveraged traders, resulting in the liquidation of Bitcoin long positions worth approximately $450 million. Overall, liquidations tallied up to $576 million, leading to the exit of 167,000 leveraged investors from the market. Data analysis from Santiment highlights the second descent of Bitcoin below $70,000 within a mere three-day span, signifying heightened market instability.</p>
<p style="text-align: justify">The recent decline has triggered increased transactions on the Bitcoin network, suggesting that investors are initiating a new wave of sell-offs. This behavior points towards a potential surrender phase among the investment community.</p>
<h2 id="whale-accumulation-trends-and-market-projections">Whale Accumulation Trends and Market Projections</h2>
<p style="text-align: justify">Despite the turmoil, whale investors seem to be regaining interest in Bitcoin, as accumulation trends show an upswing in recent weeks. On-chain data reveals that since early February, whales have acquired an additional 154.16 thousand <a href="https://en.bitcoinhaber.net/october-proves-favorable-for-cryptocurrencies-as-analysts-weigh-in-on-the-month-ahead" rel="noopener noreferrer nofollow">BTC</a>, which accounts for roughly 0.665% of Bitcoin’s total supply, with the value of these assets surpassing $10.9 billion.</p>
<p style="text-align: justify">Renowned <a href="https://en.bitcoinhaber.net/bitcoins-struggle-for-direction-altcoins-rise-as-btc-stalls" rel="noopener noreferrer nofollow">cryptocurrency</a> analyst CrediBULL Crypto provided insights on the latest market conditions, noting a lack of bullish momentum and proposing the possibility of a further price dip. He pointed to a substantial decline in Open Interest (OI) as a precursor to the current downturn and mentioned the likelihood of Bitcoin’s value dropping further before stabilizing. According to his analysis, a key support zone between $63,000 to $64,000 could be pivotal in determining whether the market will witness a recovery or continue its descent.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/cryptocurrency-market-experiences-sharp-downturn-as-bitcoin-drops-8" rel="noopener noreferrer nofollow">Cryptocurrency Market Experiences Sharp Downturn as Bitcoin Drops 8%</a></h5>

Cryptocurrency Market Experiences Sharp Downturn as Bitcoin Drops 8%

Table of Contents

BH NEWS

Other articles published on Mar 15, 2024

Analyst Forecasts Upward Trajectory for Worldcoin and Bullish Trends for Solana and Avalanche

Bitcoin Exodus: Staggering $750 Million BTC Withdrawn From Crypto Exchanges

Dabba Announces Deployment of 100,000 DePIN Devices Across India

Could BONE Token Be the Next Altcoin Hero? Analyzing Upcoming Market Shifts

DNB imposes fine on Crypto.com for illegal operations in the Netherlands

Vault Heads for $180M Revenue to Dominate the $50 Billion Digital Crypto Banking Niche

Join our free newsletter for daily crypto updates!