The cryptocurrency market has plummeted overnight, losing Rp10.8 trillion.

Image : two Bitcoin Source : Photo by Kanchanara on Unsplash

The crypto market saw a significant drop in valuation, losing US$181.7 billion, or approximately Rp2.8 quadrillion, in just two hours on Wednesday (3/1/24) at 18:00 WIB. As a result of this sudden decline, Rp10.8 trillion worth of futures positions were liquidated in the past 24 hours.

Crypto Downturn Leads to Rp10.8 Trillion in Liquidated Futures Positions

Price volatility hit the crypto market on Wednesday (3/1/24) at 18:00 WIB, with Bitcoin's price dropping by -8.3% from US$45,245 to US$41,495. The crypto market's valuation also experienced a -10.8% decline, amounting to US$181.7 billion.
The larger percentage decrease in the crypto market's valuation compared to Bitcoin's price drop indicates that the majority of altcoins experienced higher declines than BTC.

However, some altcoins showed strong movements, such as SEI, which achieved a positive movement of +13.3% in the last 24 hours.
Image : Map of futures position liquidations Source : Coinglass

Looking at the futures trading market, according to data from Coinglass, approximately US$695.74 million or around Rp10.8 trillion worth of futures positions were liquidated in the past 24 hours. Long positions dominated the liquidation with 85.51%, totaling US$595.48 million.

The overwhelming dominance of Long positions suggests that the majority of traders are optimistic about the bullish trend, anticipating the approval of the Bitcoin spot ETF.

Bitcoin trading pairs accounted for the majority of liquidations at US$169.41 million, with Ethereum in second place at US$112.28 million.

News from Matrixport and the Impact of Jim Cramer

The significant and sudden decline is believed to be caused by news from Matrixport, which mentioned the possibility of the SEC rejecting all Bitcoin spot ETFs. "From a political standpoint, there is no reason to approve Bitcoin spot ETFs," stated a report from Matrixport.


Most crypto assets experienced a downturn as this news spread, as has happened before. Some members of the crypto community view this as price manipulation for certain interests.
This is because, on the same day, Matrixport released an optimistic report on Bitcoin prices and the approval of Bitcoin spot ETFs. However, negative sentiment news emerged later in the day.
Image : Two reports from Matrixport. Source : User X

On the other hand, some believe that this decline is due to the reverse effect of Jim Cramer, a former hedge fund manager. Some people believe that if Jim makes a statement, the opposite happens.

In a TV show, Jim commented on the phenomenon of Bitcoin's price increase, stating, "You cannot destroy Bitcoin; Bitcoin will endure."

This statement came a day before the significant drop in Bitcoin's price and the crypto market on Wednesday (3/1/24) yesterday. This event adds to Jim's track record of inaccuracies, as in December 2022, Jim advised investors to exit the crypto market after the FTX crash. Subsequently, the crypto market experienced a bullish trend throughout 2023.

*Disclaimer:

This content aims to enrich reader information. Always conduct independent research and use disposable income before investing. All buying, selling, and crypto asset investment activities are the reader's responsibility.