Summary
Bitcoin’s price dropped below $67,000, erasing gains from the previous week. The wider crypto market also fell, with total market cap down to $2.6 trillion. Over $122 billion was wiped from the market, with top 30 cryptocurrencies seeing losses. The drop in price is attributed to a strong U.S. dollar and heightened volatility ahead of Bitcoin’s halving in April. Analysts remain divided on whether the halving is priced in, with some pointing to positive indicators such as institutional interest in the crypto space.
Key Points
1. Bitcoin’s price dropped to below $67,000 Tuesday morning, erasing gains made over the previous week.
2. The wider crypto market fell in lockstep with Bitcoin, with the total market cap of all cryptocurrencies dropping by 5.2% to $2.6 trillion, wiping over $122 billion from the market.
3. Across the entire crypto market, over $426 million was liquidated over the past 24 hours, with $342 million in long liquidations. Bitcoin alone saw over $90 million in longs liquidated overnight.