Home > Dynamic > Cryptocurrencies col...

Cryptocurrencies collectively "dive"! Bitcoin once fell below $65,000, and nearly 200,000 cryptocurrency investors liquidated their positions

2024-03-18

325

The cryptocurrency market has experienced a cold spell, with overall prices fluctuating and falling.

On March 17, cryptocurrencies collectively "dived", breaking the rising atmosphere of the previous days. Among them, the price of Bitcoin once fell below $65,000 per coin and is still hovering near this price range. As of 5 p.m., Bitcoin was quoted at US$66,400 per coin. The price fell 3.31% in the past 24 hours and 4.38% in the past week.

The prices of the top 20 cryptocurrencies by market capitalization have all declined to varying degrees in the past day. As of 5 p.m., Ethereum (ETH) was quoted at US$3,575.05 per coin, falling back below the US$4,000 mark, with a drop of 4.16% in the past 24 hours and a drop of 9.93% in the past week. Binance Coin (BNB) is quoted at US$575.08 per coin, down 6.45% in the past 24 hours. However, from a one-week perspective, Binance Coin has maintained its upward trend, rising 10.71% in the past week.

This drop caused nearly 200,000 investors to be liquidated. CoinGlass data shows that a total of 196,400 people were liquidated in the past 24 hours, with a total liquidation amount of US$645 million.

Cryptocurrency liquidation refers to the process in which a trader's position is forced to be liquidated when the trader's position suffers a huge loss or the funds are insufficient to meet the maintenance margin requirements.

When a trader's account funds fall below the required margin level, the exchange or brokerage platform may initiate a liquidation process, which means that the trader's position will be liquidated at market price to make up for losses and outstanding debts. Liquidation can cause traders to suffer significant financial losses.

On the news, JPMorgan Chase recently released a report on Bitcoin, stating that the Bitcoin halving event in April may have a serious negative impact on the profitability of Bitcoin miners. The report warned that Bitcoin prices may fall as a result. to US$42,000 per coin.

Compared with the ups and downs of the spot market, the Bitcoin spot ETF market has demonstrated a strong ability to attract gold. In early January, the U.S. regulatory agency SEC approved the listing applications of 10 spot Bitcoin exchange-traded funds (ETFs), allowing large investment companies such as Blackrock, Fidelity and Grayscale to sell Bitcoin spot ETFs on major U.S. exchanges.

10 listed Bitcoin spot ETFs have performed well. As of now, the total trading volume has reached US$5.72 billion, the total market value is US$57.02 billion, and the total asset management scale is US$60.53 billion.

Since its listing, Bitcoin ETF capital inflows have continued to reach new highs. As of March 15, the total capital inflow amount in two months has reached 12.16 billion US dollars. On March 12, 10 Bitcoin spot ETFs set a new high in single-day capital inflows, exceeding US$1 billion for the first time in a single day.

It is reported that in the first trading week of March, the Bitcoin spot ETF bought a net 30,000 Bitcoins. Ki Young Ju, CEO of CryptoQuant and industry analyst, said that if the market’s demand for Bitcoin exceeds supply at this pace, within six months, the market will see a liquidity crisis on the seller’s side and lead to a collapse of Bitcoin. High price exceeded expectations.

Some analysts also pointed out that cryptocurrency itself is highly volatile. The entry of these large investment institutions has tilted the balance of cryptocurrency prices in their favor, exacerbating the investment risks of ordinary investors who entered the market to speculate in cryptocurrencies during the bubble.

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

CM Trade

As a world leading financial trading platform, CMtrade Provides comprehensive one-stop trading services and opportunities for traders.

[Products]

The platform provides over 32 kinds of popular financial products such as forex, precious metals, crude oil, indices, cryptocurrencies and more.

[System]

2 top trading systems CM Trade MT4 / CM Trade APP, powerful and easy to operate

[Service]

Comprehensive market news, professional market analysis, 7*24 hours online customer service

[Advantage]

Low cost, high leverage, flexible one-stop all day two-way trading.

[Authority]

Licensed and strictly regulated by authorities. Traders deposits are independently kept by the bank. Fast deposit and withdrawal. Fair, efficient and transparent trading environment.

Free Access
Daily Trading Strategy Download Now

CM Trade Mobile Application

Economics Calendar

Cryptocurrencies collectively "dive"! Bitcoin once fell below $65,000, and nearly 200,000 cryptocurrency investors liquidated their positions

Access to global trading markets anytime and anywhere