- Bitcoin’s price fell to its lowest point in the last two weeks.
- The dip comes after BTC recently hit a new all-time high price level.
- Various factors contributed to the crash.
The price of Bitcoin took a tumble in the past 24 hours, dropping to its lowest point in two weeks, as U.S.-based exchange-traded funds (ETFs) logged the biggest outflows since their debut.
The turbulent moves in the world’s largest crypto asset by market capitalization follow a wild monthly rally that saw Bitcoin notch a new all-time high of $73,517.03 on March 13 after holding the $65,000 mark for a record sixth straight day.
Bitcoin Takes a Hit While ETFs Bleed
According to TradingView data, Bitcoin plunged over 8% to $60,827 on March 20 at about 08:26 UTC+3, marking the crypto asset’s biggest single-day percentage decline since the fall of Sam Bankman-Fried’s FTX exchange on November 9, 2022. During that day, BTC tanked 14%.
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At last check, the crypto asset had made a modest recovery to trade at $62,798 after pulling back 15% from the record highs of over $73,000 it attained last week.
Bitcoin’s latest dip coincides with several factors, including massive outflows from spot Bitcoin ETFs. On Tuesday, U.S.-listed spot Bitcoin ETFs witnessed a record net outflow of $326 million, the highest level since the funds debuted in January, BitMEX Research data shows.
Other factors that could have contributed to the crash include too much leverage (funding matters), ETH driving the market south, and Solana memecoin mania, which trader and economist Alex Kruger said “went too far.”
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Meanwhile, the second largest crypto asset by value, Ethereum, was trading at around $3,207 as of press time following a massive 20.92% decline in the last seven days, CoinMarketCap data shows.
Read about Grayscale’s plans with a mini-GBTC spinoff:
Grayscale Eyes ‘mini’ GBTC Spinoff as Outflows Top $11.05B
Read about the upcoming Bitcoin halving event:
