- Bitcoin’s price fell more than 4%, trading near $66,400 after dropping below $67,000.
- CoinGlass data showed Bitcoin’s March returns turned negative, putting it on track for a rare six-month losing streak.
- The broader crypto market slid below $2.4 trillion, triggering more than $450 million in liquidations.
Bitcoin fell below $67,000 on Friday, pushing March returns into the red and putting it on track for a rare six-month losing streak. The last, and only, time Bitcoin saw six months in the red was between August 2018 and January 2019, which is dubbed one of the most brutal crypto winters on record.
According to CoinGlass data, Bitcoin’s returns for March are now down 0.53%. Consequently, the drop in Bitcoin’s price and the overall cryptocurrency market falling below $2.4 trillion triggered over $450 million liquidations, with $400 million in long bets wiped out. Bitcoin led the liquidation wave with $183 million of forced unwinds, followed by Ethereum at $124 million.
Among the top cryptocurrencies, Solana and Cardano took a bigger hit than Bitcoin. Meanwhile, Ethereum’s price fell at par with Bitcoin, down 4.1% to $1,985. “Crypto markets are reflecting geopolitical uncertainty primarily through derivatives positioning,” Aurelie Barthere, Principal Research Analyst at Nansen, said. Barthere noted that the near-term outlook will likely depend on whether negotiations move toward a credible framework.
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