The asset correction continues in the cryptocurrency market. Over the week, leading cryptocurrencies lost an average of 20% in value, and over the past 24 hours, the rate of the first cryptocurrency fell below $61,000.

The volume of liquidations of long positions on exchanges per day amounted to at least $390 million, of which over $125 million in BTC and more than $115 million in ETH.

Bitcoin spot ETFs have seen a net outflow of funds—in two days, investors withdrew over $1 billion from the Grayscale fund. The net outflow as of March 19 amounted to $326.2 million.

The market capitalization of the first cryptocurrency amounted to $1.21 trillion with a trading volume of $78 billion. The total capitalization of the cryptocurrency market decreased to $2.42 trillion, losing 4.8% per day. The Bitcoin dominance index was 50%.

According to the founder of MN Trading, Michael van de Poppe, the market is under pressure from the upcoming meeting of the US Federal Reserve on the key rate.

Euro Pacific Capital President and well-known Bitcoin critic Peter Shiff recalled that after the previous high of $69,000, Bitcoin lost 80% over the year and fell to $16,000. According to Schiff, another Bitcoin collapse should be expected.

According to Glassnode specialists, against the backdrop of Bitcoin’s rally above $70,000, market participants began to sell, fixing their profits.

According to the analytical portal Bitcointreasuries, by mid-March 2024, 93.6% of the total number of bitcoins (19,656,760 BTC) had already been mined. Miners have only 1.34 million BTC left to mine, which significantly limits the future supply of the asset.