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BitMEX co-founder Arthur Hayes warned that crypto market chief Bitcoin (BTC) might drop to $78K after an “ugly begin to the week.”
“If it fails, $75k is subsequent within the crosshairs,” he stated in a March 10 X submit.
Hayes added that Bitcoin dropping to between $70K and $75K might result in “violent” volatility because of quite a lot of choices open curiosity on this vary.
Over $619 Million Liquidated As Bitcoin And Crypto Market Plunge
The submit by Hayes comes after Bitcoin’s value dropped from a excessive of $86,115.43 to a low of $80,052.49 within the final 24 hours. It has since recovered barely to commerce at $82,114.84 as of 1:08 a.m. EST, down 4% prior to now 24 hours, in response to CoinMarketCap knowledge.
BTC’s correction coincided with a broader crypto market retracement throughout the identical interval. All the high 10 largest cryptos by market cap suffered 24-hour losses, with meme coin chief Dogecoin (DOGE) posting the most important drop after a greater than 8% knock.
With the drop in costs seen within the final 24 hours, over $619 million has been liquidated, in response to knowledge from Glassnode.
Nearly all of trades that have been liquidated have been lengthy positions, accounting for over $526 million of the liquidated quantity.
Crypto Worry And Greed Index Indicators “Excessive Worry”
Investor sentiment additionally turned extra fearful within the final 24 hours, with the Crypto Worry And Greed Index plunging seven factors from a studying of ”Worry” to ”Excessive Worry.”
Famend dealer and analyst Michael van de Poppe, with greater than 782k followers on X, instructed yesterday that the market’s correction was because of whales, who’re pushing costs down in order that they’ll “scoop as a lot” crypto as they’ll from buyers at discounted costs.
Basic transfer on Sunday to dump the markets.
The large guys need costs decrease to scoop as a lot as they’ll from you.
Simply maintain your #Bitcoin & #Altcoins.
— Michaël van de Poppe (@CryptoMichNL) March 9, 2025
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