Posted by Xoken.org – The crypto market in the last 24 hours experienced a significant decline. Even though Binance experienced strengthening, Bitcoin and Ethereum experienced quite large corrections. The 3.2% decline in Bitcoin prices occurred due to profit taking by Bitcoin Spot ETF investors in the United States (US).
Coinmarketcap on Saturday (16/3/2024) at 08.30 WIB noted that global crypto market capitalization fell by 2.81% to US$ 2.65 trillion within 24 hours. Bitcoin fell by 3.2% to US$ 69,670 per coin. Meanwhile, Ethereum experienced a decline of 3.3% to US$ 3,766 per coin, and Binance rose 2.5% to US$ 617 per coin.
On Friday (15/3/2024), Bitcoin prices experienced major fluctuations as many previously bullish traders switched to bearish positions due to profit taking in the US spot Bitcoin ETF market. Since reaching a record high near US$ 74,000 on Thursday (14/3/2024), Bitcoin has lost its bullish momentum.
According to CryptoCon, the 30-day moving average of an on-chain metric called the realized profit/loss ratio has reached absurd levels. This shows major investor anxiety to sell, although it does not mean the market has reached its peak.
In addition, data from IntoTheBlock shows that Bitcoin holders are currently making a profit, which could trigger a sell-off if the Bitcoin price falls below an important support level in the short term.