Bitcoin ETF

Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-and-altcoins-face-sharp-decline-due-to-market-pressures/" data-wpel-link="internal">Bitcoin and Altcoins Face Sharp Decline Due to Market Pressures</a><br></p>
<p style="text-align: justify">Today’s decline in <strong><a href="https://coin-turk.com/kisa-vadeli-fiyat-hedefleri-bitcoin-btc-ve-ethereum-eth-yorum-grafik" data-wpel-link="internal">Bitcoin</a></strong> price occurred due to a combination of factors including mass liquidations, macroeconomic pressures, <a href="https://en.coin-turk.com/bitcoin-for-the-year-of-the-dragon-another-message-from-the-mysterious-satoshi-nakamoto-account/" data-wpel-link="internal">Bitcoin</a> ETF dynamics, and the negative Coinbase premium effect. These factors collectively led to a noticeable drop in Bitcoin’s price. As BTC fell, this situation also affected <a href="https://coin-turk.com/analist-guclu-cikis-yapmasini-bekledigi-4-altcoin-kritik-seviyeleri-isaretledi" data-wpel-link="internal">altcoins</a>. There were also declines in ETH, <a href="https://en.coin-turk.com/crypto-market-update-btc-falls-by-1-and-bnb-faces-losses/" data-wpel-link="internal">BNB</a>, <a href="https://coin-turk.com/cardano-ada-fiyatinda-bitcoin-etkisi-yatirimcilar-belirsizlik-icinde" data-wpel-link="internal">ADA</a>, XRP, and AVAX. Let’s look at the key factors in the decline.</p> 
<h2 style="text-align: justify" id="massive-liquidations">Massive Liquidations</h2> 
<p style="text-align: justify">Today, the Bitcoin and <strong>cryptocurrency</strong> market experienced a critical price drop under the influence of a wide-scale liquidation event in the futures market. According to Coinglass data, liquidations in crypto assets of 245,739 investors reached $812.29 million in the last 24 hours. These liquidations caused Bitcoin’s price to drop by 8% in just a few hours, from $72,000 to $66,500.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-328617 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/03/btc-eth-coin-turk-com-1-1.png" alt="" width="1808" height="593"></p> 
<p style="text-align: justify">Bitcoin’s price experienced a brief recovery, rising to the $68,000 level. However, as of March 14, it is currently about 10% below its all-time high of $73,700.</p> 
<p style="text-align: justify">80% of these liquidations originated from long positions, amounting to a total value of $663.22 million. The remaining $149.08 million came from liquidations of short positions.</p> 
<h2 style="text-align: justify" id="macroeconomic-conditions-impact-btc-price">Macroeconomic Conditions Impact BTC Price</h2> 
<p style="text-align: justify">The macroeconomic environment is creating additional pressure on <strong>Bitcoin</strong>‘s value. The Producer Price Index (PPI) data released yesterday in the US showed a 0.6% increase in February, exceeding the expected 0.3%. This, coupled with the Consumer Price Index (CPI) also coming in higher than expected recently, led to an increase in US bond yields, causing fluctuations.</p> 
<p style="text-align: justify">The benchmark 10-year yield rose by 10 basis points to 4.29%, while the two-year yield increased from 4.63% to 4.69%. These developments caused investors to adjust their expectations for the Federal Reserve’s interest rate policies for 2024.</p> 
<h2 style="text-align: justify" id="negative-coinbase-premium-and-calm-bitcoin-etf-market">Negative Coinbase Premium and Calm Bitcoin ETF Market</h2> 
<p style="text-align: justify">Bitcoin’s retreat below the $70,000 threshold is associated with the Coinbase premium falling into negative territory for the first time since February 26. This indicates a bearish trend in the US markets. The Coinbase exchange, which holds most of the spot Bitcoin ETFs, experienced a noteworthy development in connection with this decline. This event is due to significant sales in Grayscale’s <strong>GBTC</strong> fund while spot ETFs continue their relatively calm trajectory.</p> 
<p style="text-align: justify">Interest in spot ETFs, which saw a record net inflow on March 12, has recently dropped to as low as $132.7 million. Blackrock contributed the most with $345.4 million, while Fidelity and ARK saw minimum inflows of $13.7 million and $3.5 million, respectively. Outflows from GBTC were reported to be $257.1 million, which is in line with the averages.</p> 
<p style="text-align: justify">Crypto analyst WhalePanda commented on the situation, noting that despite the decreased inflows, “$132.7 million still equals 2 full days of mining rewards.” As Bitcoin’s price fell, Ethereum’s price also dropped to $3,691. <strong>BNB</strong> was trading at $583, while XRP fell to $0.62. <a href="https://en.coin-turk.com/cardanos-nft-market-sees-significant-fluctuations/" data-wpel-link="internal">ADA</a> was trading at $0.7, and AVAX at $51.10.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-and-altcoins-face-sharp-decline-due-to-market-pressures/" data-wpel-link="internal">Bitcoin and Altcoins Face Sharp Decline Due to Market Pressures</a></h5>

Bitcoin and Altcoins Face Sharp Decline Due to Market Pressures

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