Cardano

Cryptocurrency

Bitcoin

DeFi

Dogecoin

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin (BTC) is trading at $68,319 on March 15, with a 4.5% drop over the past 24 hours due to “overheated” market conditions.</li> 
 <li>The global crypto market cap has also fallen 4.1%, with Ether (ETH), BNB, XRP, Cardano (ADA) and Dogecoin (DOGE) all experiencing losses.</li> 
</ul>  
<p>Bitcoin (BTC) is currently trading at $68,319, marking a 4.5% decrease over the last 24 hours.</p> 
<p> This drop is due to an “overheated” state in the crypto market, according to data from the on-chain analytics firm, IntoTheBlock.</p> 
<h2 id="market-downtrend">Market Downtrend</h2> 
<p>The BTC price had reached a new all-time high of $73,835 on March 14, but fell 9% to a new weekly low of $65,565 on March 15.</p> 
<p> This decline in Bitcoin’s value has sparked a sell-off across the market, resulting in a 4.1% decrease in the global crypto market cap to $2.59 trillion.</p> 
<p>The second-largest cryptocurrency by market capitalization, <a href="https://crypto.ro/en/cryptocurrencies/ethereum/">Ethereum (ETH)</a>, has also seen a 5% drop in the last 24 hours, falling to $3,708.</p> 
<p> Other top-cap tokens such as BNB, XRP, Cardano (ADA), and Dogecoin (DOGE) have also suffered losses, decreasing by 2.3%, 7.3%, 5.8%, and 8% respectively.</p> 
<h2 id="correction-signs">Correction Signs</h2> 
<p>There had been warnings of a potential correction in the BTC price due to the market’s “overheated” state.</p> 
<p> This information is supported by data from market intelligence firm IntoTheBlock, which points out the growing leverage in the crypto market as a sign of an impending correction.</p> 
<p>The firm’s On-chain Insights newsletter reveals that the “amount that buyers of Bitcoin perpetual swaps pay those going short is at its highest since October 2021.”</p> 
<p> These high funding rates indicate a market heavily skewed towards the long side.</p> 
<p>Data from Coinglass shows that Bitcoin futures open interest (OI) on all exchanges reached its all-time high of $35.55 billion on March 15.</p> 
<p> While a high OI reflects new buying in the market, it can also serve as a warning sign if it grows too high.</p> 
<h2 id="rising-risk-in-defi-ecosystem">Rising Risk in DeFi Ecosystem</h2> 
<p>The high leverage conditions are also seen in the DeFi networks, with loans on these platforms increasing significantly.</p> 
<p> The total debt on all DeFi protocols has doubled in 2024, and the amount of wrapped Bitcoin (WBTC) supplied to Aave has increased by more than 10,000 BTC (~$700M) so far in 2024.</p> 
<p>This increase in debt and the rising rates in DeFi indicate a growing “demand for leverage.”</p> 
<p> As a result, the DeFi ecosystem is accumulating a lot of risk, which could potentially lead to a price correction in the near future.</p> 
<p>Despite the market’s “overheated” state, most traders have realized profits from their crypto investments.</p> 
<p> Data from IntoTheBlock shows that 86% of all Bitcoin holders are in profit at current prices, increasing the chances of a continued sell-off in the short term as profit-booking continues.</p>

Bitcoin Plummets 9%, Indicating Possible Overheating in the Cryptocurrency Market

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