Cryptocurrency Market Turmoil

The global cryptocurrency market capitalization fell sharply by more than 7% to $2.55 trillion. Ethereum (ETH) suffered the most serious losses, losing more than 9% in value. Other popular cryptocurrencies such as BNB, XRP, and Litecoin (LTC) were also affected. , even meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) saw huge drops of over 14%. The Federal Reserve postponed a rate cut, and Fed Chairman Powell's testimony before Congress indicated that the possibility of a rate cut depends on new economic data, including inflation and employment data, but rising inflation and signs of U.S. economic recovery suggest that a rate cut may be delayed until the end of this year, leading to market volatility , global stock markets are crumbling. In addition, options expiration on Friday stimulated the cryptocurrency market, with more than $3 billion worth of Bitcoin and Ethereum options expiring on March 15. Bitcoin briefly fell to $66,770, but remained at the maximum pain threshold Above, this indicates potential opportunities for buyers on the way down. Inflows into the U.S. spot Bitcoin ETF space have fallen sharply, down 80.6% to $133 million on Thursday, with investors withdrawing from Grayscale's GBTC, likely affected by market indicators such as the pre-halving market peak and declines in gold and stock markets. The flood of liquidity in the cryptocurrency market resulted in a loss of market value of more than US$821 million, and more than 247,800 traders closed their positions. Bitcoin and Ethereum experienced a large number of liquidations, with total liquidations exceeding US$279 million and US$137 million respectively. Ah, what a coincidence 315

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