Today, Bitcoin, the world’s leading cryptocurrency, experienced a notable 5% decline, slipping below the $64,000 mark, signaling increased volatility in the market.
A significant event occurred on the BitMEX exchange where a user initiated a sell-off of more than 400 BTC, causing a temporary price plunge to $8,900. However, according to reports from @blckchaindaily, the situation has since normalized.
A user sold more than 400 BTC on the BitMEX exchange, causing the price of BTC in BitMEX to fall to $8,900, it has now returned to normal, according to @blckchaindaily. BitMEX responded that it is investigating unusual activity involving user selling large orders in the BTC-USDT…
— Wu Blockchain (@WuBlockchain) March 19, 2024
BitMEX has responded swiftly, launching an investigation into the unusual activity involving large sell orders in the BTC-USDT spot market, reassuring traders that the derivatives market remains unaffected.
In the midst of the market downturn, Michael Saylor, CEO of MicroStrategy, announced the company’s acquisition of approximately 9,245 Bitcoins, amounting to $623 million, between March 11 and March 18.
MicroStrategy has acquired an additional 9,245 BTC for ~$623.0M using proceeds from convertible notes & excess cash for ~$67,382 per #bitcoin. As of 3/18/24, $MSTR hodls 214,246 $BTC acquired for ~$7.53B at average price of $35,160 per bitcoin. https://t.co/oeYJGgiuy0
— Michael Saylor⚡️ (@saylor) March 19, 2024
With this recent purchase, MicroStrategy now holds a total of 214,246 BTC, acquired at an average price of $35,160, representing a significant investment totaling $7.53 billion as of March 18, 2024.
Notable Net Inflow Of Bitcoin Sets At $154 Million
Meanwhile, on-chain data from Spotonchain revealed a noteworthy development in the Bitcoin ETF market. The net inflow for Bitcoin ETFs on March 16, 2024, recorded a sum of -$154 million, marking a shift to negative territory after 11 consecutive days of positive inflows.
🚨 $BTC #ETF Net Inflow Mar 16, 2024: -$154M!
• The net inflow turned negative after 11 days of being positive.
• The cumulative total net inflow after 46 trading days is lowered to $12.01B.
• Grayscale ETF $GBTC had a net outflow of $643M for the day, the highest level in… https://t.co/W5ssXKA3Nr pic.twitter.com/POLni0eIwD
— Spot On Chain (@spotonchain) March 19, 2024
The cumulative total net inflow after 46 trading days stands at $12.01 billion. Notably, Grayscale ETF $GBTC witnessed a net outflow of $643 million for the day, marking the highest level in the past 16 trading days.
The combination of these events underscores the current turbulence in the cryptocurrency market, as investors navigate through fluctuations in Bitcoin prices and monitor developments in the ETF sector.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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