Reserve

Cryptocurrency

Equity

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin’s price fell below $64,000 despite major stock indices achieving record highs.</li>
 <li>The overall cryptocurrency market saw over $134 million in liquidated long positions in the last 24 hours.</li>
</ul>
<p>Despite the major stock indices reaching record highs, the price of <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> fell below $64,000 on Friday. This occurred even as the market anticipated a dovish rate cut.</p>
<h2 id="bitcoin-s-correlation-with-equity-markets">Bitcoin’s Correlation with Equity Markets</h2>
<p>Bitcoin’s price has often aligned with equity market sentiment. However, this downturn in Bitcoin’s price has occurred simultaneously with major indexes closing at record levels for two consecutive days. The Dow, S&amp;P 500, and Nasdaq Composite all gained in their fourth winning session in a row.</p>
<p>The macroeconomic sentiment has been uplifted by recent indications of rate cuts from the U.S. Federal Reserve and a surprise rate cut by Switzerland’s central bank. This came after a reduction in Swiss inflation to 1.2% in February.</p>
<h2 id="volatility-in-the-cryptocurrency-market">Volatility in the Cryptocurrency Market</h2>
<p>The largest cryptocurrency by market cap saw a decrease of over 4% in its value in the past 24 hours. This price correction led to a significant liquidation of long positions on centralized exchanges. More than $54 million in Bitcoin positions were liquidated, with the majority being longs, according to CoinGlass data.</p>
<p>The second-largest cryptocurrency, <a href="https://crypto.ro/en/cryptocurrencies/ethereum/" rel="noopener noreferrer nofollow">Ethereum</a>, also saw a 3.4% downturn in the past day. SOL, the native coin of the Solana network, experienced an even larger decrease, sliding by over 8% in the same period.</p>
<p>The overall cryptocurrency market saw over $134 million in liquidated long positions in the last 24 hours, contributing to a total of $192 million in liquidations across various centralized exchanges. This happens when a trader’s position is forcibly closed due to a lack of funds to cover losses, leading to the depletion of their initial margin or collateral.</p>
<p>Bitcoin exchange reserves have hit a multi-week low, indicating an increase in investors moving their coins as part of a long-term holding strategy. Over the past month, there has been an outflow of over 44,600 bitcoins, resulting in exchange reserves hitting a multi-week low of just over 2 million bitcoins. This outflow trend has been observed since the beginning of the year, possibly driven by the rise in the digital asset’s price and spot bitcoin ETF inflows.</p>
<p>Lastly, the GM 30 Index, representing a selection of the top 30 cryptocurrencies, has increased by 3.81% to 143.15 in the past 24 hours.</p>

Bitcoin Plummets Under $64,000 Amid Record-Breaking Stock Market Rally

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