Greed

2024

Rekt

<p>Bitcoin’s price tumbled to $67,000 due to a market correction, with the price falling as low as $67,000 during Asian trading hours, representing a 7% decrease. This decline was attributed to profit-taking and market corrections, which are common occurrences in the crypto market.</p>
<p>As of this writing, the current value of Bitcoin (BTC) is $67,443.55, reflecting a decrease of 0.1% from one hour ago and a decline of 7.2% since yesterday. The present value of Bitcoin is 0.1% higher than its value from seven days ago.</p>
<p>At $2.67 trillion, the current value of the global crypto market cap is -7.96% in the last twenty-four hours and 140.29% a year ago. At present, BTC holds a market cap of $1.32 trillion, signifying a dominance of 49.34%. Stablecoins, meanwhile, have a market cap of $149 billion, or 5.57%, of the total crypto market cap.</p>
<h2 class="wp-block-heading" id="bitcoin-lives-up-to-its-volatility-nature">Bitcoin lives up to its volatility nature</h2>
<p>Bitcoin fell to a one-week low in tumultuous trade on Friday, as investors profited from its run to a record high and another upside surprise on US inflation dampened expectations for early rate reduction, reducing demand for risky assets.</p>
<p>While it has subsequently rebounded to more than $70,000, it remains below its all-time high of $73,700, set yesterday. Other assets, such as gold and Wall Street’s tech-heavy index Nasdaq, have also been under pressure this week.</p>
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   <p lang="en" dir="ltr">Bitcoin Fear and Greed Index is 83 — Extreme Greed<br>Current price: $66,937 <a href="https://t.co/QSzhe08xKJ" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/QSzhe08xKJ</a></p>— Bitcoin Fear and Greed Index (@BitcoinFear) <a href="https://twitter.com/BitcoinFear/status/1768600565033181604?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">March 15, 2024</a>
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<p>Some analysts view BTC’s drop from record highs as a normal bull trap following rapid uptrends. The drop is due to several factors, including fears about growing prices and anticipated selling pressure from Grayscale.</p>
<p>According to data from the Labor Department’s Bureau of Labor Statistics, consumer prices increased 0.4% last month and 3.2% year on year, which is higher than predicted. This has fueled concerns that the Federal Reserve will not drop interest rates in May as expected, causing a sell-off in digital assets and stocks.</p>
<p>Furthermore, Grayscale has been transferring a considerable amount of Bitcoin to its custodian, Coinbase, perhaps for sale. According to Arkham Intelligence data, Grayscale transferred over $400 million worth of Bitcoin to Coinbase today.</p>
<p>Grayscale’s selling pressure is the result of investors redeeming their shares in its Bitcoin Trust ETF, which was converted from a closed-end fund in January. This has increased the quantity of Bitcoin in the market, placing downward pressure on its price.&nbsp;</p>
<p>Despite the Grayscale redemptions, net inflows to other Bitcoin ETFs have achieved all-time highs, demonstrating that investor interest in the cryptocurrency remains strong.</p>
<h2 class="wp-block-heading" id="external-tradfi-factors-burn-through-crypto">External TradFi factors burn through crypto</h2>
<p>Markets reacted by reducing the likelihood of a Fed easing cycle beginning in June, with futures currently indicating a about 60% chance of a rate cut that month, down from approximately 74% a week ago, according to the CME FedWatch tool.</p>
<p>A higher-for-longer rate scenario, particularly in the United States, is usually terrible for risky assets like cryptocurrency.</p>
<p>Still, bitcoin is about 60% higher year to date, aided by a crypto frenzy fueled by flows into U.S. spot exchange-traded crypto products, and traders remain widely focused on the potential of global interest rates falling by the end of the year.</p>
<p>In a sign of confidence in bitcoin’s bull run, software business MicroStrategy announced plans to acquire capital through a convertible bond offering to buy bitcoin for the second time in less than ten days.</p>
<p>On March 5, the business announced a $600 million private offering of convertible notes to enhance its exposure to the booming digital market.<a href="https://www.coingecko.com/en/coins/ethereum/usd" rel="noopener noreferrer nofollow" target="_blank"> Ether,</a> the second-largest crypto too reached a one-week low, falling more than 7% to $3,682.</p>
<p>A renowned analyst, Rekt Capital, warns that<a href="https://www.cryptopolitan.com/bitcoin-to-hit-45k-after-market-correction/" rel="noopener noreferrer nofollow"> Bitcoin</a> is approaching the “Danger Zone,” which has traditionally been connected with pre-halving retraces. In a recent X post, Rekt Capital released an analysis indicating that Bitcoin is about to enter the “Danger Zone” in four days.</p>
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#BTC</a> <br><br>In 4 days, Bitcoin will officially enter the "Danger Zone" (orange) where historical Pre-Halving Retraces have begun<br><br>Historically, Bitcoin has performed Pre-Halving Retraces 14-28 days before the Halving<br><br>In 2020, this retrace was -20% deep <br><br>In 2016, this retrace was… <a href="https://t.co/8wv6PEuqdb" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/8wv6PEuqdb</a></p>— Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1768573852647358802?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">March 15, 2024</a>
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<p>Meanwhile, he observes that past data shows retraces of 20% in 2020 and 40% in 2016, which occurred 14-28 days before the Bitcoin halving. Bitcoin is presently roughly 32 days away from the event and has experienced an 11% drop this week, so investors are keenly awaiting <a href="https://www.cryptopolitan.com/nayib-bukeles-bitcoin-brain-do-you-want-some/" rel="noopener noreferrer nofollow">developments.</a></p>

Why is Bitcoin’s price down today? BTC tanks to $67K

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