Crypto Prices Today March 15: Bitcoin Crashes To $67K, Ethereum Dips 7%, SOL Rallies As XRP & PEPE

7Ary...USep

15 Mar 2024

The top crypto prices today registered a crash as the Bitcoin (BTC) price neared the $67,000 level again after attaining an all-time high at $73,641.04. In contrast, the Ethereum price fell below to the $3,600 mark. Meanwhile, other top altcoins, such as XRP and Cardano (ADA) dipped massively as Solana (SOL) surged.

Major Crypto Prices Today

The Bitcoin price lost over 7% today. The Bitcoin price crashed by 7.56%, reaching $67,348.89 at the time of writing on Friday, March 15. On the other hand, it’s trading volume spiked 50.70% to $72.34 billion in the last 24 hours. Meanwhile, the crypto boasted a market cap of $1.32 trillion.
Looking at altcoin, the Ethereum price plunged by 7.41% to $3,664.32 at press time with a market valuation of $441.24 billion. Whilst, ETH saw its trading volume surge by 38.67%, reaching $30.31 billion. Meanwhile, the Binance Coin (BNB) price was down by 5.09%, reaching $581.82. Moreover, its 24-hour trade volume dipped by 21.32% to $4.85 billion.
The Solana price defied the bearish trend and neared the $180 level. The Solana price surged by 5.61%, settling at $177.81. In addition, SOL witnessed a 64.42% hike in trade volume to $10.91 billion in the last 24 hours. Whilst, the XRP price dropped below the $0.64 mark. The XRP price recorded a slump of 6.11%, reaching $0.6346. On the contrary, XRP’s trading volume soared 69.57% to $4.05 billion.
Meanwhile, the Cardano price tumbled by 4.25% to $0.7167 today. Whilst, ADA recorded a 110.66% spike in its 24-hour trading volume, settling at $1.84 billion. As the top crypto prices bearish downturn, popular meme coins were also affected. The Dogecoin price was down by 8.70% to $0.1547 while its rival, Shiba Inu price plunged by 8.83% in value and traded at $0.00002997.

Top Crypto Prices Today Are

Pepe Coin Plummets 10%

The Pepe Coin (PEPE) crypto, a hyped meme coin, tumbled over 10% today. At press time, the Pepe Coin price was down by 10.02% to $0.000009116 with a market valuation of $3.83 billion. In contrast, its 24-hour trade volume soared 22.33% to $2.82 billion.

Dogwifhat Rallies 13%

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Dogwifhat (WIF), a Solana-based dog-faced meme crypto, recorded an impressive rally of over 13% and ranked the top crypto gainer for two consecutive days. The WIF price soared by 23.41% to $2.86 at the time of reporting. Moreover, its trade volume surged by 13.68% to $3.25. Furthermore, the Dogwifhat crypto recorded a high of $3.49 amid the rally recently.
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$576 Million Liquidated As Bitcoin (BTC) Price Cracks 7%, More Pain Ahead?

The building around the Bitcoin Open Interest (OI) remains weak suggesting a downtrend in short term with BTC price drop to $63,000.
By Bhushan Akolkar4 hours ago

STORY HIGHLIGHTS

$448 Million in Bitcoin long positions liquidated as BTC price tanks 7%.
Drop in the Bitcoin open interest hints at downtrend unfolding in the near term.
The Bitcoin price can find support at $63,000-$64,000 going ahead.

The crypto market party seems to be coming to an end with the Bitcoin (BTC) price cracking up nearly 8% trading at $67,345 with a market cap of $1.322 trillion. The broader cryptocurrency market has lost more than $200 billion in the last 24 hours. The selling pressure across the broader crypto market comes as the US announced higher-than-expected PPI inflation data.

$450 Million of Bitcoin Longs Liquidated

In recent trading, Bitcoin’s value dipped below the $68,000 mark, reaching $67,788, marking a 7.53% decline over the past 24 hours, as indicated by data from Binance. Concurrently, Coinglass data reveals that liquidations across the network totaled $576 million within the same timeframe, with long positions accounting for $448 million of the liquidated amount. This widespread liquidation activity has affected 167,000 individuals.
According to Santiment, Bitcoin’s price has dropped below the $70,000 mark for the second time in a span of just three days. Analysis of on-chain transaction volume highlights the increased activity on the network. However, a positive aspect emerges as holders are beginning to decrease once more, suggesting a necessary phase of capitulation.
Furthermore, the Santiment data also points out the whale accumulation taking place in recent weeks. According to Santiment, significant stakeholders in Bitcoin have played a pivotal role in driving the recent surge in market capitalization over the last five weeks. Wallets holding between 10 and 10,000 BTC have accumulated 154.16K coins since February 4th, amounting to approximately 0.665% of the total supply. At present, the value of these holdings exceeds $10.9 billion.
Courtesy: Santiment

More Pain Ahead for BTC Investors

In an assessment of current market dynamics, crypto analyst CrediBULL Crypto shares insights into the recent price action, suggesting that the anticipated upward momentum has not materialized, indicating a potential downward trend unfolding.
CrediBULL Crypto notes the recent drop in prices, which has resulted in the reduction of built-up Open Interest (OI) in the market. However, despite this decline, the analyst suggests that there is still room for further downside movement before reaching a presumed “baseline.” CrediBULL Crypto identifies a potential support level in the range of 63,000 to 64,000 USD, referred to as the “green zone”.
According to the analyst, this identified range presents a logical area where a bounce or reversal in price could occur, potentially coinciding with the complete elimination of remaining OI buildup.

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Bitcoin (BTC) And Broader Crypto Market Tank 7%, Expect Volatility Before FOMC

Bitcoin (BTC) and Broader Crypto Market Tank 7%, Expect Volatility Before FOMC

Increased demand for Bitcoin put options coincides with elevated PPI inflation data, volatility in BTC price ahead of the March 20 FOMC meet.
By Bhushan Akolkar5 hours ago
Updated 1 hour ago

STORY HIGHLIGHTS

Market analysts expect volatility to continue ahead of March 20 FOMC meeting.
Demand for Bitcoin put options rises in the near term amid growing uncertainty.
Analysts believe short-term sell-offs are unlikely to have impact on the long-term bullish trends.

Following the release of the United States Producer Price Index (PPI) inflation data for February on Thursday, March 14, Bitcoin and the wider cryptocurrency market experienced selling pressure. At the time of reporting, Bitcoin has declined by 6.95%, trading at $68,195, with a market capitalization of $1.342 trillion.

Bitcoin (BTC) Investors Preparing for Volatility Before FOMC

As the market anticipates the upcoming Federal Open Market Committee (FOMC) meeting scheduled for March 20, traders are bracing for a potentially volatile weekend. QCP Capital, a prominent trading firm, reported an increase in perpetual swap open interest over the last 24 hours, signaling heightened activity in the market.
Risk reversals for both Bitcoin (BTC) and Ethereum (ETH) are currently skewed towards put options in the near term, indicating a cautious sentiment among investors. Despite this, QCP Capital noted strong demand for year-end BTC call options with strike prices ranging from 100k to 150k, suggesting bullish expectations for the cryptocurrency’s performance by the end of the year.
Questions arise about the possibility of a short-term market dip before a potential rally towards BTC reaching 150k by year-end. Perpetual funding rates and the forward curve remain elevated, prompting QCP Capital to view spot-forward spreads as an attractive opportunity for a 20-30% risk-free trade.
Despite the potential for short-term sell-offs, analysts believe that these fluctuations are unlikely to have a lasting impact on the overall uptrend, especially with the sustained demand for daily spot BTC ETFs. Investors are closely monitoring market developments ahead of the FOMC meeting, which could further influence trading activity in the coming days.

The Shifting Market Sentiment

Data from Greeks.Live suggests that the prevailing narrative surrounding ETF inflows appears to be undergoing a shift, as indicated by significant declines in implied volatility (IV) across all major terms in recent days. Additionally, a lack of clear direction in block options orders suggests a weakening market sentiment.
Market analysts have noted that the current sentiment resembles a cooling phase, which historically precedes the start of a bull market, reported Greeks.Live.
Furthermore, the Bitcoin ETF daily inflows were the lowest in March on Thursday. As per data from SoSoValue, March 14 witnessed significant movements in Bitcoin spot ETFs, with notable inflows and outflows. Grayscale’s ETF GBTC experienced a substantial net outflow of $257 million within a single day. Conversely, BlackRock’s IBIT ETF emerged as the frontrunner, recording a remarkable net inflow of $345 million, contributing to its historical net inflow reaching $12.37 billion.