Crypto News

Bitcoin Faces 5% Decline Amidst Market Turbulence

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. 

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. 

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. 

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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