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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Why Is Bitcoin Price Down Today? 3 Key Reasons

Jake Simmons
Jake Simmons
1 year ago
3 mins read
Why Is Bitcoin Price Down Today

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Today’s Bitcoin price movement is a confluence of factors including massive liquidations, macroeconomic pressures, and the impact of negative Coinbase Premium alongside Bitcoin ETF dynamics. These elements combined have led to a noticeable dip in Bitcoin’s price.

#1 Long Liquidations

Today’s Bitcoin market saw a significant price drop, initiated by a sweeping liquidation event on the futures market. Over the last 24 hours, crypto trader liquidations exceeded $682.54 million across more than 191,000 traders, according to Coinglass data.

This surge in liquidations resulted in Bitcoin’s price plummeting by 8% in mere hours, falling from $72,000 to $66,500. Although there was a minor recovery, with Bitcoin’s price rebounding to the $68,000 level, it currently stands nearly 10% below its March 14 all-time high of $73,737.

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A notable 80% of these liquidations were long positions, contributing to $544.99 million of the total. Short position liquidations made up the remaining $136.94 million, with Bitcoin longs alone accounting for $242.37 million in liquidations.

#2 Macro Conditions Weighing On Bitcoin Price

The macroeconomic landscape has placed additional pressure on Bitcoin’s value. Ted, a macro analyst known as @tedtalksmacro, highlighted on X the influence of macro conditions on the cryptocurrency market.

He stated, “If BTC is digital gold, expect it to trade in lockstep with gold, however, with higher beta.” With the Federal Reserve’s meeting looming next week, macroeconomic factors are expected to take center stage temporarily.

Yesterday’s US Producer Price Index (PPI) data, showing a 0.6% increase in February and surpassing forecasts of 0.3 month-over-month, has caused a ripple effect with CPI recently also hotter than expected, leading to a rise in US bond yields. The benchmark 10-year rate saw an increase of 10 basis points to 4.29%, while two-year rates rose to 4.69% from 4.63%. These developments have led traders to adjust their expectations for the Federal Reserve’s interest rate policies in 2024.

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Mohamed A. El-Erian, from Queens’ College, Cambridge University, Allianz, and Gramercy, remarked on the situation: “US government bond yields jumped today in reaction to yet another (slightly) hotter-than-expected inflation print (this time PPI).” This suggests a growing awareness of the challenges that persistent inflation poses to achieving the Fed’s 2% inflation target.

#3 Negative Coinbase Premium / Quiet Bitcoin ETF Day

The decline of Bitcoin below the $70,000 threshold is also attributed to the “Coinbase Premium” – the exchange which custodies the majority of all spot Bitcoin ETFs – dipping into negative territory for the first time since February 26, indicating a bearish sentiment from US markets. This phenomenon is likely a consequence of significant sales of Grayscale GBTC, while the spot ETF experienced relatively calm activity.

Following a record $1 billion net inflow day for the spot ETF on March 12, inflows dropped to just $132.7 million recently, with Blackrock contributing the lion’s share at $345.4 million. Meanwhile, Fidelity and ARK saw minimal inflows of $13.7 million and $3.5 million respectively, after a previously strong week. GBTC outflows were reported at $257.1 million, aligning with average levels.

Bitcoin ETF data
Bitcoin ETF data | Source: X @FarsideUK

Crypto analyst WhalePanda commented on the situation, noting that despite the reduced inflow, “$132.7 million is still 2 full days of mining rewards.” He suggests a potential rebound in the market, stating, “We’re just ranging now and overleveraged people getting margin called. I guess the next move up is for next week.”

At press time, BTC traded at $67,916.

Bitcoin price
BTC price, 4-hour chart | Source: BTCUSD on TradingView.com
Featured image created with DALL·E, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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