On March 20, the leading cryptocurrency fell to $61,000, a 5.5% decline over the day.
At the time of writing, the coin is trading at $61,900. Bitcoin’s market capitalization stands at $1.21 trillion with a trading volume of $78 billion, according to CoinGecko.
Following the digital gold, all assets in the top 10 are in the “red zone.”
The total market capitalization has decreased to $2.42 trillion, losing 4.8% over the day. BTC’s dominance index is 50%.
According to Coinglass, the futures market saw $657 million in liquidations over the past 24 hours, with the majority—$491 million—being long positions.
MN Trading founder Michaël van de Poppe highlighted the upcoming Federal Reserve meeting on the key interest rate.
Good morning,
Today it’s FOMC day & Powell will be speaking.
Given that the Bank of Japan has raised the interest rates, it’s likely that the selloff continued due to that decision.
I suspect we’ll rotate today/tomorrow from the FOMC decision and are close to a low.
— Michaël van de Poppe (@CryptoMichNL) March 20, 2024
“Given that the Bank of Japan has raised the interest rates, it’s likely that the selloff continued due to that decision. I suspect we’ll rotate today/tomorrow from the FOMC decision and are close to a low,” he stated.
Euro Pacific Capital President and Bitcoin critic Peter Schiff noted that after a previous high of $69,000, the coin fell nearly 80% over the year to $16,000.
#HODLers, do you remember how bullish you all were in Nov. 2021 when #Bitcoin traded $69K? I do. How many still have your laser eyes? A year later Bitcoin traded below $16K, almost 80% lower. Given that most are even more bullish now, an even bigger crash likely lies ahead.
— Peter Schiff (@PeterSchiff) March 19, 2024
“Given that most are even more bullish now, an even bigger crash likely lies ahead,” Schiff emphasized.
Glassnode experts noted that amid the cryptocurrency rally above $70,000, holders began selling to lock in profits.
Earlier, JPMorgan analysts suggested a Bitcoin correction to $42,000 following the upcoming April halving.