Daily News | US Stocks Suffered Black Monday, Bitcoin May Have Entered A Technical Bear Market
Crypto Daily Digest: Ethereum fell below $1,800, Sol Strategies acquired $35 million Solana validator node
According to Farside Investors data, as of press time, the U.S. Bitcoin spot ETF had a net outflow of $189 million yesterday, of which Fidelity FBTC had a net outflow of $4134 million. BlackRock IBIT data has not been updated yet.
Data as of press time showed that the Ethereum spot ETF had a net outflow of $34 million yesterday, of which Fidelity FETH had an outflow of $23 million, and BlackRock ETHA data has not been updated yet.
Ethereum fell below $1,800, 65,675 ETH positions may be liquidated
On March 11, according to Lookonchain monitoring, as Ethereum fell below $1,800 during the trading session, 65,675 ETH lending whales on Maker may be liquidated soon, and their Ethereum liquidation price is $1,836.43.
Sol Strategies Announced Acquisition of Three Solana Validators
On March 11, according to official news, Toronto-based crypto holding company Sol Strategies announced the acquisition of three additional Solana validation nodes. The price of the acquisition was 35 million Canadian dollars, paid through a combination of cash, Sol Strategies common shares and warrants. After the completion of the acquisition, Sol Strategies’ SOL in staking increased to 3.3 million.
Opinion: Bitcoin’s current consolidation period may evolve into a medium-term bear market
On March 11, YouHodler market director Ruslan Lienkha pointed out that pessimism in the U.S. stock market prevails, and concerns about a possible recession in the U.S. are also intensifying. Although Bitcoin may become a safe-haven asset in the future, investors currently still view it as a high-risk asset, so Bitcoin prices tend to react more dramatically to changes in market sentiment than traditional markets. Given these factors, the current consolidation period may evolve into a mid-term bear market.
Market Trends: The total market cap of cryptocurrencies fell to $1.86T, and Bitcoin may have entered a technical bear market
Market Hotspots
According to GMGN market data, the market cap of DRB “DebtReliefBot”, the first token proposed by Grok, has exceeded $24 million and is currently reported at $24.05 million, a record high, with a 24-hour increase of 220%.
According to Alternative data, today’s crypto panic and greed index is 24 (yesterday was 20), and market sentiment is still in “extreme panic.”
In the past 24 hours, a total of 331,948 people were liquidated on the entire network, with a total liquidation amount of $941 million, mainly long orders, with a long order liquidation amount of $942 million.
Mainstream Coins
Bitcoin has officially fallen below $80,000 and is currently priced at $78,700, a 24-hour drop of 4%. In this round of market, Bitcoin has fallen by more than 25% from its peak, and has entered a technical bear market based on the decline. Investors are advised to use leverage reasonably and make appropriate investment decisions under the premise of emotional stability. (A “technical bear market” usually refers to an asset price drop of 20% or more from a recent high)
Ethereum fell 9% in 24 hours, and the price was $1,855. Currently, the price of Ethereum has fallen to the level at the end of 2023. Due to the sharp drop, many high-leverage positions have been liquidated recently.
Altcoins fell across the board. Except for the relatively resistant RWA and NFT sectors, the other sectors fell by more than 5% in 24 hours. As of press time, the total market cap of cryptocurrencies fell to $1.86T, and the Altcoin Seasonal Index fell to 15%.
Macro News: US stocks suffered black Monday, Nasdaq fell 4% in a single day, the biggest drop in two years
The three major U.S. stock indexes opened lower and fell on Monday. In the afternoon, the S&P 500 index fell by more than 3%, the Nasdaq fell by more than 4%, and the Dow fell by nearly 1,190 points, a drop of nearly 2.8%. In the end, the Nasdaq closed down 4%, the largest daily drop since September 2022, and the S&P, which closed down 2.7%, both hit new closing lows since September last year. The Dow fell nearly 2.1%, wiping out the gains since the U.S. election in November last year.
Trump administration officials’ remarks have raised market concerns that his tariff policy may affect US economic growth. He did not rule out the possibility of a recession, saying the economy is going through a “transition period.” U.S. Treasury Secretary Benson also expressed similar views, suggesting that the economy may be slowing down. The Federal Reserve has now entered a silent period before the FOMC meeting on March 19, and the market cannot get new policy clues from officials’ speeches.
