Record-Breaking GBTC Outflows Send Bitcoin Down 14% To $62,000
2024年3月20日 - 8:00AM
NEWSBTC
As reported by Fortune Magazine, the cryptocurrency market has been
experiencing significant volatility as Bitcoin (BTC) has
experienced a sharp decline that has had a domino impact on other
cryptocurrencies. The recent drop in the price of Bitcoin, coupled
with outflows from Grayscale’s GBTC, has raised concerns among
investors. Bitcoin Sees 14% Correction From ATH Bitcoin
suffered a 14% drop since reaching its all-time high (ATH) of
$73,700 last week, briefly touching $62,483 on Tuesday morning.
However, it recovered and stabilized around $64,900, just below the
$65,000 mark. Related Reading: AVAX Price Soars To Highest In
Nearly 2 Years, Over 80% Of Holders In Profit The decline was
attributed to record outflows of over $640 million from Grayscale’s
Bitcoin Trust (GBTC). In comparison, other spot Bitcoin ETFs saw
inflows of less than $500 million, resulting in a net outflow of
$15 million on Monday, according to Bloomberg ETF expert James
Seyffart. This outflow from GBTC, combined with the cautious
sentiment surrounding the Federal Open Market Committee (FOMC)
meeting in the US, has had a significant impact on Bitcoin’s
performance. As recently reported by NewsBTC, investors exhibited
caution ahead of the FOMC meeting, closely monitoring the potential
changes in interest rates. Recent higher-than-expected inflation
data, as indicated by the US Consumer Price Index (CPI) and
Producer Price Index (PPI), dampened expectations of interest rate
cuts. According to Fortune, the CME FedWatch Tool projected a
99% likelihood of rates remaining unchanged, further affecting
market sentiment. Per the report, investors were keen to gauge the
Federal Reserve’s stance on monetary policy, contributing to the
cautious trading environment. In the same context, the Bank of
Japan raised its key interest rate from -0.1% to 0% to 0.1% in
response to rising consumer prices. This was the first rate
increase in 17 years. Crypto Futures Traders Take A Hit The drop in
Bitcoin’s price had a cascading effect on other cryptocurrencies.
Major altcoins like Ethereum (ETH) and Solana (SOL) experienced
significant declines of 8.1% and 12.5% over the past 24 hours,
respectively. Meme coins, including Floki Inu (FLOKI), Bonk
Inu (Bonk), and Dogecoin (DOGE), also suffered losses of 34%,
28.5%, and 24.8%, respectively, during the past week. Related
Reading: Dogecoin Growth Hits Roadblock As Holder Activity Enters
Dreaded Period Of Stagnancy The decline in cryptocurrency prices
resulted in over $440 million worth of liquidations for traders of
crypto futures. Traders who had leveraged positions betting on
higher prices faced significant losses. Most of these
liquidations occurred on Binance, totaling $212 million, followed
by OKX at $170 million. Despite its price correction, BTC
retains substantial gains of over 26% and 132% in the past thirty
days and year-to-date timeframe, respectively. Featured image from
Shutterstock, chart from TradingView.com
Flow (COIN:FLOWUSD)
過去 株価チャート
から 3 2024 まで 4 2024
Flow (COIN:FLOWUSD)
過去 株価チャート
から 4 2023 まで 4 2024