BlockBriefly

Date: March 19, 2024

Market Cap 24h Change: -5.21%

Reason:

The market has been down by -5.21% because of multiple factors indicated by the news articles. There have been several reports of Bitcoin's price plunging below the $64,000 mark, which triggered large-scale liquidation events. Over $620 million were liquidated as Bitcoin broke below $64,000 causing a marketwide correction. The unusual selling activity on BitMEX, that crashed Bitcoin to $8,900, also contributed to the bearish market sentiment. The short-lived crash followed by a panic episode led to a 7% drop on the global markets. All these factors paint a picture of heightened market volatility, contributing to the substantial decline in market capitalisation.

Date: March 17, 2024

Market Cap 24h Change: 1.69%

Reason:

The market has been up by 1.69% but the reason is not clear.

Date: March 15, 2024

Market Cap 24h Change: -3.48%

Reason:

The market has been down by -3.48% because a significant Bitcoin price correction wiped out a substantial amount from traders within 24 hours. This event of Bitcoin dipping to a multi-week low under $66,000 led to high losses for leveraged long Bitcoin traders and contributed to the downward market sentiment. Additionally, US Senators pushing the SEC to reject crypto ETF proposals have introduced uncertainty into the market, straining the chance of approval for pending Ethereum ETF applications. Other stressors include the slowdown in Bitcoin ETF inflows and the sentencing request made by U.S. prosecutors for FTX founder Sam Bankman-Fried, causing anxiety in the market. However, the exact influence of each of these factors on the market change is complex and uncertain due to the volatile nature of the cryptocurrency market.

Date: March 13, 2024

Market Cap 24h Change: 3.05%

Reason:

The market has been up by 3.05% because of significant developments reported in the recent news. Bitcoin's price hitting a new all-time high of $73.6k amidst a record $1 billion inflow into the US-based exchange-traded funds hints at an enormously bullish market sentiment [source]. Furthermore, predictions such as those by Jan3 CEO Samson Mow forecasting Bitcoin to reach $1 million this year are likely fuelling the current upswing [source]. Additionally, Coinbase's plan to raise $1 billion via a bond offering signifies a strong market confidence on the long-term growth prospects of the crypto sector, further providing a positive push to the market [source]. However due to the dynamically volatile nature of the crypto market, the precise impact of each factor is complex and uncertain.

Date: March 11, 2024

Market Cap 24h Change: 4.10%

Reason:

The market has been up by 4.1% because Bitcoin's value has broken the $71,000 milestone, making a significant impact on the overall cryptocurrency market cap. This growth in Bitcoin's value, coupled with news of increased open interest, has likely driven the overall market gains. The purchase of Bitcoin by MicroStrategy also indicates strong institutional support, further bolstering the market. However, the drop in HEX's valuation following disparaging remarks by its creator has negatively affected the market to a certain extent.