Oh, brother! For seven whole weeks, Bitcoin‘s been on a rollercoaster ride, plummeting from its $109K high in January to a measly $77K on Mar. 11. Talk about a facepalm moment! 😬
The nosedive has wiped out roughly 30% of Bitcoin’s (BTC) value, causing the entire crypto market to feel the pain. Ethereum (ETH) took a 29% hit, while Solana (SOL) and Dogecoin (DOGE) suffered even worse losses of 40% and 38%. Ouch! 🙄
According to a Mar. 11 report by market intelligence platform Santiment, Bitcoin’s downward spiral started when key players decided to cash out in mid-February. Can you believe it? 🙄
From Feb. 20 to Mar. 8, a whopping 22,702 BTC ($1.8B at today’s rates) were transferred from private wallets to exchanges. It seems investors were itching to bail out, adding fuel to the fire. 🔥
Meanwhile, the whale accumulation that propelled Bitcoin post-Trump election slowed down after his inauguration. Institutional buyers who gobbled up BTC between November and January started backing off in February. Some resumed buying on Mar. 3, but we’re still waiting for a major comeback. 🙄
Investor sentiment has taken a hit too. Social media is flooded with bearish Bitcoin price predictions, and many retail investors who jumped in late 2024 are now selling at a loss. According to Santiment, short-term traders are looking at an average loss of -11%, while long-term holders have lost -5% in the past year. 💩
Macro factors haven’t helped either. Trump’s tariff policies and the potential for a trade war have stirred up volatility in digital assets. Despite initial optimism about the administration’s crypto-friendly stance, doubts about policy implementation have cooled expectations. 🙄
As of Mar. 11, Bitcoin is sitting at $77,200, down 4% from the day before. Arthur Hayes, co-founder of BitMEX, thinks Bitcoin might tumble to $70K, a 36% correction from its peak, in line with previous bull market dips. 🤔
Hayes reckons that central banks like the Fed, PBOC, ECB, and BOJ will likely ease monetary policy after a further drop in U.S. stock indexes. Risk-averse investors might wait for central bank aid to avoid prolonged sideways movement and unrealized losses. But Hayes suggests traders should consider buying the dip. If $78K support fails, he predicts Bitcoin could slide to $75K. 🤔
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2025-03-11 06:03