Reserve

Cryptocurrency

Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-plunges-as-market-tension-rises-over-federal-reserve-meeting" rel="noopener noreferrer nofollow">Bitcoin Plunges as Market Tension Rises Over Federal Reserve Meeting</a><br></p>
<p style="text-align: justify">Cryptocurrency markets are in turmoil with <a href="https://en.bitcoinhaber.net/bitcoins-potential-rally-after-resistance-breakthrough" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) experiencing a significant drop, hitting a new 24-hour low of $65,800. The leading digital currency is facing a potential further decline as market participants in Asia react to the sell-off. Investors are grappling with the reasons behind the sudden downturn and its implications for the near future.</p>
<h2 id="factors-behind-the-bitcoin-sell-off">Factors Behind the Bitcoin Sell-Off</h2>
<p style="text-align: justify">Bitcoin’s value plummeted to $65,804, failing to maintain its position above the $68,000 mark due to selling pressure from profit-taking traders. This led to unusually high volatility, with a notable incident on the BitMex exchange where 400 BTC were sold in just two hours, causing a brief dip to $38,200 against <a href="https://en.bitcoinhaber.net/tethers-dominance-and-crackdown-on-illicit-activities" rel="noopener noreferrer nofollow">USDT</a>. The event resulted in a near $4 million loss for the investor responsible for the trade.</p>
<h2 id="market-reactions-and-speculations">Market Reactions and Speculations</h2>
<p style="text-align: justify">The market witnessed a staggering $257 million in long position liquidations over a day. Anxiety in the market has been amplified by the anticipation of the upcoming Federal Reserve meeting and disappointing inflation data. Forecasts for two-year interest rates are set to be revealed, potentially indicating upward revisions that could exacerbate the strain on financial markets.</p>
<p style="text-align: justify">Bitcoin currently teeters around a crucial price point of $65,830, where any further losses could signal a progressive slide towards $59,000. Despite a minor recovery indicated by breaching the 20-day EMA, there is a possibility of another downturn in the hours ahead. Meanwhile, several altcoins, including CHZ, SHIB, and <a href="https://en.bitcoinhaber.net/the-ups-and-downs-of-dogecoin-analyzing-market-trends-and-predictions" rel="noopener noreferrer nofollow">DOGE</a>, are also facing losses nearing 10%.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-plunges-as-market-tension-rises-over-federal-reserve-meeting" rel="noopener noreferrer nofollow">Bitcoin Plunges as Market Tension Rises Over Federal Reserve Meeting</a></h5>

Bitcoin Plunges as Market Tension Rises Over Federal Reserve Meeting

Table of Contents

BH NEWS

Other articles published on Mar 19, 2024

Dogecoin20 Launches Crypto Presale with a Bang - Raises Over $3 Million in Days

Meta Force Launches Groundbreaking Metaverse for Business and Leisure: A New Virtual Frontier by ...

XPR Network Price Forecast: Will XPR Crypto Break Below EMAs?

Why is the Crypto Market Crashing Today?

Jupiter Exchange Offers Support to Investors After Memecoin Pre-Sale Debacle

Early Insights into Raffle Coin (RAFF) Show Ethereum (ETH) and TRON (TRX) Investors Betting Big f...

Join our free newsletter for daily crypto updates!