Bitcoin experienced a significant drop in price, hitting a 24-hour low of $64,760 just 18 hours after reaching a daily high of $68,120. The flagship cryptocurrency fell 3.2% within three hours, dropping from $66,906 to $64,760. As of press time, Bitcoin had only slightly climbed back above $65,000 with continued downward pressure in the market.
Despite the drop, Bitcoin’s price remains at a 27-month high. The overall market saw most of the top ten coins experiencing similar dips of 3% to 5% over the past few hours. Solana and Ethereum also experienced moderate drops in price, with Solana falling from $195 to $176 before recovering slightly, and Ethereum falling from $3593 to $3421.
Bitcoin long positions faced heavy liquidations of around $14 million compared to $3 million in shorts, indicating a strong bearish momentum in the market after a recent rally. Total liquidations across the market reached $46.27 million, with longs accounting for $36.39 million.
The market has been highly volatile since March 18, following a correction after Bitcoin’s surge to a new all-time high. In the past 24 hours, a total of $192.1 million was liquidated, with longs and shorts accounting for $111.03 million and $81.07 million, respectively.
Bitcoin has struggled to maintain a strong rally back to its all-time high amid selling pressure from Grayscale. The firm’s spot Bitcoin ETF has sold off approximately 261,564 BTC since January, with no inflows recorded. In contrast, the Newborn Nine ETFs have seen record-setting performance and inflows, accumulating hundreds of thousands of BTC in less than three months.
However, inflows into the Newborn Nine ETFs declined over the past week during the market downturn, resulting in net outflows. On March 20, the ETFs recorded $125.0 million in inflows, while GBTC saw $386.6 million in outflows, totaling $261.6 million in net outflows overall.
At the time of reporting, Bitcoin’s price was down 3.23% over the past 24 hours, with a market capitalization of $1.29 trillion and a 24-hour trading volume of $46.06 billion. The total crypto market was valued at $2.5 trillion with a trading volume of $124.92 billion and a Bitcoin dominance of 51.61%.
