Cryptocurrency market lost $ 661 million in just one day

The price of bitcoin BTC $76,851.73 Mezo Wrapped BTC -2.48% Market capitalization $0.1 billion VOL. 24 hours $0.87 billion has fallen amid problems faced by almost 200,000 traders — the volume of cryptocurrency liquidations exceeded $ 661 million in just one day. According to Tradingview, bitcoin has now returned to the $ 68,000 level.

The vast majority of liquidations, 80%, were long positions, which amounted to $ 525.2 million over the past 24 hours. Liquidation of short positions amounted to $ 136.5 million. The crypto market capitalization decreased by 7.3% per day and reached $ 2.68 trillion.

Pav Hundahl, a leading analyst at Swyftx, an Australian cryptocurrency exchange, noted that if ETF volumes continue to decline, bitcoin may correct back to $ 60,000 or even $ 50,000.

«Many investors are concerned about the 'hot' inflation data, and if ETF volumes continue to decline, we expect a significant correction. What is worrisome is that [притоку] bitcoin ETF volumes were down 48% yesterday compared to the 14-day average,» he added.

According to Farside Investors, on March 14, the total inflow of spot bitcoin exchange-traded funds amounted to only $ 133 million, which is the lowest figure for this month.

According to analysts, the market volatility emphasizes the high risks associated with investing in cryptocurrencies. After reaching a record high of $ 73,700, the value of bitcoin fell by 8%. Initially, bitcoin bounced from $ 68,500 to $ 72,400. This recovery phase led to a significant liquidation of traders' short positions.