Bitcoin Bears Roar: Market Slumps as $650M in Liquidations Shake Crypto Bulls

On March 15, 2024, the cryptocurrency market experienced a significant downturn, with the Crypto market capitalization dropping by 7%, marking its most pronounced decline of the year. Bitcoin (BTC) plummeted by 8% within a 24-hour period, wiping out weekly gains and initiating a broader market decline. Bitcoin's price fell from a high of $73,000 to a low of $65,800 before experiencing a slight recovery. Other major tokens like Ether (ETH), Cardano’s ADA, BNB Chain’s BNB, and XRP also saw notable losses, while meme coins such as dogecoin (DOGE) and shiba inu (SHIB) experienced a 13% decline. However, Solana’s SOL tokens were a rare exception, showing a 1% increase since Thursday. The sell-off was attributed to several factors, including higher-than-expected inflation data and profit-taking by traders. Crypto-tracked futures suffered losses exceeding $800 million, with long positions accounting for $660 million in liquidations, the second-largest figure recorded this year. Analysts cautioned about the potential for further losses in the near term, with some predicting that bitcoin's price could drop to the $60,000 range before a potential rebound.