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Bitcoin Trader Sees Prices Slumping to $60K as Crypto Bulls See $650M in Liquidations
The CoinDesk 20, a broad-based index of the most liquid crypto tokens, was down 8.25%.
Updated Mar 15, 2024, 11:43 a.m. Published Mar 15, 2024, 11:41 a.m.
- Crypto market capitalization dropped 7%, with major tokens like bitcoin, ether, and others falling sharply in the past 24 hours.
- The decline was triggered by higher-than-expected inflation data and profit-taking by some traders, with some analysts predicting further losses before a potential rebound.
Crypto market capitalization dropped 7%, its sharpest fall this year, as bitcoin plunged 8% in the past 24 hours to wipe weekly gains and kickstart a marketwide decline.
Bitcoin slumped from Thursday’s high of $73,000 to as low as $65,800 early Friday before slightly recovering. Meanwhile, Coindesk 20, a broad-based index of most liquid cryptocurrencies, was down 8.25%.
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Ether , Cardano’s ADA, BNB Chain’s BNB and XRP showed similar losses, while volatile meme coins dogecoin and shiba inu fell 13%. Solana’s SOL tokens were the only major token in green, up 1% since Thursday.
The sell-off started during the U.S. trading hours on Thursday as the February Producer Price Index (PPI) came in 0.6% higher, doubling the pace in January and doubling economist forecasts, dousing hopes for a rate cut in May.
Data shows that crypto-tracked futures suffered over $800 million losses, the second-largest figure this year. Longs, or bets on higher prices, suffered $660 million in liquidations, likely contributing to the sharp downturn. Liquidation occurs when an exchange forcefully closes a trader’s leveraged position due to a partial or total loss of the trader’s initial margin.
Meanwhile, some traders warned of further losses in the coming weeks before an eventual price rebound.
“New historical highs are a trigger for selling,” shared Alex Kuptsikevich, FxPro senior market analyst, in an email to CoinDesk. “Some players are taking profits, which raises the question of whether there will be enough hot buyers at current levels or whether the majority will prefer to wait for a deeper correction.”
“In a corrective scenario, the $65.0-65.5K and $60.0-60.5K areas are of particular interest, as they contain important round levels (significant for retail) and the 76.4% and 61.8% Fibonacci retracement lines,” Kuptsikevich added.
Fibonacci retracements are a technical tool to predict potential price support and resistance.
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- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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What to know:
- Crypto prices were volatile on Wednesday, erasing much of their gains following the Fed's rate cut earlier.
- In his post-meeting press conference, Fed Chair Jerome Powell took note of a labor market that might be weaker than previously thought, while also sounding cautious about gains made in fighting inflation.
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