Bitcoin Price Crash 10%
Crypto Market Bloodbath
Dear Readers,
Bitcoin took investors by surprise today as it saw a significant downturn in its value. Despite this 10% drop in price during the day, metrics from derivatives markets still indicate a neutral-to-bearish sentiment.
Source: Coinpedia Markets
The price of Bitcoin (BTC) took a tumble, experiencing a 10% correction and falling to $61,931 after hitting an all-time high of $69,150 on March 5th. Now, the focus shifts to the critical support level of $64,000, which Bitcoin must reclaim. Despite the short-term volatility witnessed today, data from BTC derivatives markets suggests that professional traders are maintaining a slightly bullish outlook.
Source: Coinmarketcap
The Reasons Behind Bitcoin Price Crash
Bitcoin's correction occurred alongside a 2.6% retracement in the Nasdaq-100 index futures, which recently reached an all-time high of 18,377 on March 4.
The stock market showed early signs of stress following reports indicating a 24% decline in Apple iPhone sales in China, as estimated by a consumer research firm.
NYCB shares dropped 40% after releasing its quarterly report.
Source: TradingView
New York Community Bancorp (NYCB) experienced continued declines in its shares after the company replaced its CEO due to reported "material weaknesses" in internal controls.
Investors turned to gold as a safe haven, with the precious metal gaining 4.2% in four days and currently trading near its all-time high.
The recent surge in Bitcoin's price attracted media attention, potentially prompting large investors (whales) to consider shorting the cryptocurrency or encouraging holders to reduce their positions amidst skepticism from Bitcoin critics.
The funding rate on Bitcoin perpetual contracts exceeded 1% per week on Feb. 28, drawing attention. However, this metric has consistently reflected investors' optimism over the past few months, as highlighted by user @bitcoinmunger on X social network.
Discover the Factors Influencing the Bitcoin Price Decline, and How This Time Might Be Different. Learn More on Coinpedia for Detailed Insights.
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