Bitcoin's Value Falls Over $300 Million in 24 Hours, Sending Shockwaves Through Cryptocurrency Marke

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10 Mar 2023
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Bitcoin's value has taken a significant hit, dropping to $20,000 for the first time in over five weeks. The dip has resulted in more than $300 million in crypto liquidations in the past 24 hours, causing a rough March for Bitcoin [BTC] and the overall cryptocurrency market. The drop in Bitcoin's value has impacted alternative cryptocurrencies, with many experiencing a decline in value.
Data from Coinglass shows that long positions have suffered the most, losing over $282 million in the past 24 hours. Additionally, Bitcoin investors have lost the most money in liquidations, followed by Ethereum investors. The global crypto market cap has also been affected, declining from $1 trillion, according to data from CoinMarketCap. Ethereum lost nearly 8% of its value during the past day, while Solana (SOL) dropped over 8% in the last 24 hours and over 19% in the last seven days.
Possible contributors to the decline in Bitcoin and altcoin prices include a recent report indicating that Silvergate Bank had voluntarily liquidated, the potential for US crypto miners to be subject to a 30% tax on electricity prices under a Biden budget proposal, and the US Department of Justice transferring Bitcoin totaling nearly $1 billion.
As of now, Bitcoin's price range on a 12-hour timeframe has shown that BTC has lost over 11% of its value, trading at around $20,000. The RSI line's position indicates a strong bearish trend, and it remains to be seen whether a correction will happen.

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