Bitcoin Slumps Below $68,000 on US Rate Cut Concerns, Crypto Market in Red

Bitcoin Slumps Below $68,000 on US Rate Cut Concerns, Crypto Market in Red

Bitcoin and other major cryptocurrencies experience a price drop following concerns about US interest rate cuts and profit-taking by investors.

The most significant event on Friday, March 15, 2024, was the heavy crash in the world crypto market when the price of Bitcoin dropped to $68,000, the major cryptocurrency. 

This drop is attributed to two primary factors: short-term problems caused by the uncertainties of the US Federal Reserve policy and the profits of the investors making sales.

The US inflation that was unanticipated and unexpected, brought about the possibility of the Federal Reserve’s interest rate cut to the moment. The situation was such that investors were not optimistic about cryptocurrencies’ future and sold their cryptocurrencies.

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Furthermore, the recent Bitcoin spike to almost the highest level seemed to have led some investors to make some profits, which may also have hurt the price slump.

Ethereum plunges

Circle was not only Bitcoin, but also a crypto marketplace, investment platform, and digital wallet. Similarly, Ethereum, the second-largest cryptocurrency, did not sustain its bullish run and plunged by 7.5% to $3,685. 

Cryptocurrency, on the other hand, is a new kind of digital currency, and its total worth, which was 2.6 trillion USD in the 24th hour, shrunk more than 6% within one day.

Doge and SHIB

The other famous tokens, which are Dogecoin and Shiba Inu, were down 11% and 11% respectively in the percentage consideration from that of Bitcoin. A disproportionate amount of the market was bearish, so most of the top coins were in the red.

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The experts pinpointed that the price drop was caused by many factors, such as economic data, profit-taking, and the probability of a “Buy the rumor, sell the news” after the Ethereum network was upgraded to Ethereum 2.0.

Nevertheless, analysts say that the market is looking bearish, but there is a technical indicator that Bitcoin may have support around $67,000 and $68,500.

Umegbolu Medlyn Chinelo
About Umegbolu Medlyn Chinelo 81 Articles
Umegbolu Medlyn Chinelo transitioned from science to writing. She has over 3 years of experience and has written on various niches. She writes for PanAsiaBiz crafting cricket previews and crypto news. Medlyn thrives on challenges and enjoys learning. In her free time, she relaxes with movies and cooking.