Cryptocurrency Market Liquidation: $600 Million Lost as Bitcoin Falls Below $63K, Ether Plunges by 20%
Bitcoin and Ethereum both fell to levels of $63,000 and $3,200 respectively, while SOL dropped to $173 after briefly touching $200. MicroStrategy (MSTR) also experienced a pre-market drop of -9.16% on March 19th.
Bitcoin Falls Below 63K
On March 19th, Bitcoin hit a low of $62,721, with a 24-hour drop of -7.4%. Since reaching a historical high of $73,787 on the 14th, it has experienced a drop of -13.39%.
Ethereum Falls Below 3.3K
Ethereum dropped to $3,205, with a 24-hour drop of -9.28%. Since hitting a yearly high of $4,092 on March 12th, it has experienced a drop of -20.33%.
Cryptocurrency Market Liquidation of 630 Million Dollars
Data shows that the cryptocurrency market saw a total liquidation of 630 million dollars in the past 24 hours, with long positions amounting to 521 million dollars and short positions amounting to 108 million dollars. In fact, the open interest (OI) on the Chicago Mercantile Exchange (CME) has been consistently higher than on Binance (168K BTC vs. 116 BTC) in recent months. Therefore, the liquidation amount related to cryptocurrency prices is definitely higher than 630 million dollars, as CoinGlass’s data does not include the liquidation data from the CME.
MicroStrategy Pre-Market Drop of Nearly 10%
MicroStrategy (MSTR) reached $1,816 on March 16th, setting a new high for the bull market in 2021, but it has since dropped to $1,500 (-17.4%). On March 19th, before the opening of the US stock market, MSTR had already experienced a pre-market drop of -9.16%.
Meme Coins Lead the Decline, SOL Drops to 170
According to previous reports, in addition to BONK (-21.44%) and FLOKI (-18.56%), other meme coins have experienced the deepest drops among the top 100 in terms of market capitalization. SOL also had a drop of 16.5%. After briefly reaching $200, SOL has dropped to $173.
(Bitcoin Falls Below 66K, Ethereum Falls Below 3.5K, Meme Coins BOME and SLERF See 50% Daily Drops)
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Further Reading
10X Research: Bitcoin Continues to Rise After Falling to 63K, Competing Coins and Meme Coins May Have Reached Short-term Peaks
Bitcoin Falls to 65K, Net Inflows of Spot ETFs Decline for Two Consecutive Days
