The price of Bitcoin is falling today, March 15. The largest cryptocurrency by market cap rose to a new high on March 14 when it surpassed the $73,000 mark trading at $73,835 according to CoinMarketCap data.
However, less than 24 hours later, the most popular cryptocurrency has lost most of its gains as its price has retracted to $67,000. Consequently, the global crypto market cap has dropped significantly by over 5% over the last day.
In addition, about $184.12 billion has been traded in the cryptocurrency market in the last 24 hours, signifying a 34.89% gain. According to data available on CoinMarketCap, the total amount of stablecoins is currently $165.86 billion, or 90.08% of the 24-hour volume of the whole cryptocurrency market.
Furthermore, more than $100 million in long positions have been lost over the last 12 hours, according to data from CoinGlass, while $167 million in long positions have been liquidated over the same period.
Similarly, Ethereum, the second-largest cryptocurrency in the market, has shed more than 7% of its gains over the last day. Live data shows that ETH is currently trading at $3,671 per coin. What could be the cause of the downward trend?
Reasons why Bitcoin price dropped today?
Crypto investors and enthusiasts who woke up to find the price of the asset unexpectedly crashing are left in surprise and speculation. One reason that can be attributed to the sudden decline in price is the announcement of the Producer Price Index (PPI) by the Fed.
The Fed is indicating that there won’t be an interest rate reduction at its meeting in May. Also, some profit booking along with marginally negative PPI and CPI figures could have catalyzed the action.
In the case of Ethereum, the Dencun upgrade going live may have caused an Ethereum “sell the event” scenario. However, the general price decline did not shake the bullish sentiment across the crypto market as reflected in the crypto fear & greed index.
The metric used to calculate the emotions of investors in the market experienced a 5-point drop from yesterday’s 88. Nevertheless, 83 still signifies ‘extreme greed.’
Bitcoin (BTC) price today
According to Coinstats data, Bitcoin is currently trading at $67,192, representing an 8.36% drop in the last 24 hours. However, the trading volume of the asset is still up by 72% during this time. Finally, Bitcoin’s market cap has declined by 8.91% over the last day, resting around $1,315,072,611,167 ($1.3 trillion).
