Bitcoin, Ethereum, Dogecoin Plunge As $650M Worth Of Crypto Liquidated In A Single Day: Analyst Predicts King Crypto Poised For Explosive Rally 'As FOMO Greater Than Fear'
Portfolio Pulse from Mehab Qureshi
Major cryptocurrencies including Bitcoin, Ethereum, and Dogecoin experienced significant declines, with over $650 million worth of crypto liquidated in 24 hours. Grayscale's Bitcoin ETF (GBTC) saw over $640 million in outflows, while Fidelity's Bitcoin ETF (FBTC) had inflows of $5.9 billion. The global crypto market cap dropped by 8% to $2.4 trillion. Analysts predict a potential rally for Bitcoin, citing increased FOMO and technical indicators suggesting a cycle peak in the coming months.
March 20, 2024 | 4:01 am
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Grayscale's Bitcoin ETF experienced over $640 million in outflows, marking a significant withdrawal from the fund.
The substantial outflows from GBTC indicate a negative sentiment among investors towards Bitcoin, likely contributing to a short-term decrease in its price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Fidelity's Bitcoin ETF saw inflows of approximately $5.9 billion, indicating strong investor interest and potential for price support.
The significant inflows into FBTC suggest a positive outlook among investors for Bitcoin, potentially leading to a short-term increase in its price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90