<\/p>\n\n\n\n
Bitcoin witnessed a decline on Wednesday, March 20, slipping to the level of $62,000 following significant sell-offs subsequent to the cryptocurrency’s recent record high.<\/p>\n\n\n\n
According to CoinDesk data, Bitcoin traded slightly above $62,900, marking a decrease of approximately 2.5% over the previous 24 hours. Despite this downturn, Bitcoin has demonstrated an impressive performance, soaring by 124% over the past year.<\/p>\n\n\n\n
The cryptocurrency previously achieved a record level of just under $73,800 last week, fueled in part by the introduction of Bitcoin exchange-traded funds (ETFs) in the United States in January.<\/p>\n\n\n\n
However, the entire cryptocurrency market has witnessed a collective loss of approximately $400 billion in value since Bitcoin reached its all-time high. Other digital assets, such as Ethereum, have also experienced declines, with part of the decrease attributed to profit-taking following the steep ascent of cryptocurrencies.<\/p>\n\n\n\n
Data from CryptoQuant reveals a significant surge in the number of short holders selling their Bitcoin for profit on March 12, contributing to the downward pressure on prices.<\/p>\n\n\n\n
Amidst these developments, momentum from bitcoin ETFs has emerged, with a total of $154.4 million in net outflows recorded on Monday, according to BitMEX Research. This marked the first instance of net outflows for ETFs since March 1.<\/p>\n\n\n\n
Grayscale Bitcoin Trust (GBTC) observed outflows of $642.5 million, as reported by BitMEX research, while other ETFs recorded modest or flat inflows.<\/p>\n\n\n\n
The cryptocurrency market continues to navigate through fluctuations and investor sentiment shifts, with market participants closely monitoring developments in ETF flows and profit-taking activities for potential market impacts.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin witnessed a decline on Wednesday, March 20, slipping to the level of $62,000 following significant sell-offs subsequent to the cryptocurrency’s recent record high. According to CoinDesk data, Bitcoin traded slightly above $62,900, marking a decrease of approximately 2.5% over the previous 24 hours. Despite this downturn, Bitcoin has demonstrated an impressive performance, soaring by …<\/p>\n","protected":false},"author":9,"featured_media":54500,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[40,36],"tags":[9231,8598,8147,8060,6984,7624],"class_list":["post-98835","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-cryptocurrencies","category-market-updates","tag-bitcoin-price","tag-correction","tag-liquidity","tag-profit-taking","tag-treasury-yields","tag-volatility"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/98835","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=98835"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/98835\/revisions"}],"predecessor-version":[{"id":98836,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/98835\/revisions\/98836"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/54500"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=98835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=98835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=98835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}