{"id":2536,"date":"2024-03-15T22:22:15","date_gmt":"2024-03-15T22:22:15","guid":{"rendered":"https:\/\/prendergast.net\/?p=2536"},"modified":"2024-03-15T22:22:15","modified_gmt":"2024-03-15T22:22:15","slug":"bitcoin-slumps-below-67000-amidst-crypto-sell-off-but-solana-bucks-the-trend","status":"publish","type":"post","link":"https:\/\/prendergast.net\/?p=2536","title":{"rendered":"Bitcoin Slumps Below 67000 Amidst Crypto Sell-Off But Solana Bucks The Trend"},"content":{"rendered":"
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\u00e2\u0080\u00aaBitcoin Slumps Below $67,000 Amidst Crypto Sell-Off, But Solana Bucks The Trend\u00e2\u0080\u00ac<\/span><\/h1>\n

By Brenda Ngari<\/a> – March 15, 2024<\/p>\n

<\/p>\n

In the early hours of Friday morning, a sharp correction wiped billions of dollars from the total crypto market cap, with Bitcoin (BTC) tumbling below $67,000 per coin.<\/p>\n

At publication time, nearly all of the top 20 coins by market value had registered 24-hour losses. In a remarkable exception to the rule, Solana (SOL) was up more than 4% during the same time frame.<\/p>\n

Why Is The Crypto Market In Red?<\/span><\/h2>\n

Bitcoin has been on a parabolic tear thanks to the huge success of the newly launched spot BTC exchange-traded funds (ETFs). But then, on Thursday, the U.S. Producer Price Index (PPI) numbers came in above expectations, highlighting the persistent nature of high inflation.<\/p>\n

Traders interpreted this data as an indicator that the Federal Reserve will not slash interest rates in May \u00e2\u0080\u0094 triggering a sell-off of crypto assets and stocks. In particular, Bitcoin shed over 8% of its value in the space of hours, tumbling to as low as $66,858.<\/p>\n

The benchmark crypto has since slightly recovered and is trading hands for $67,418 at press time. But it’s considerably below the $73,737 record high it reached yesterday, CoinGecko data shows.<\/p>\n

Another thing denting Bitcoin’s price? Roughly $400 million worth of BTC was moved by Grayscale to its custodian, Coinbase, and Arkham Intelligence data was revealed today. The digital asset manager started moving its BTC<\/a> to Coinbase for selling after it transformed its flagship GBTC fund to a spot BTC ETF. In January, Grayscale was offloading massive amounts in crypto assets, at one point shifting over $2.1 billion in just days to Coinbase. This caused significant bearish pressure on the price of Bitcoin.<\/p>\n

SOL: A Beacon Of Green<\/span><\/h2>\n

Major altcoins Ethereum (ETH), Ripple’s XRP, Cardano (ADA), and Dogecoin (DOGE) also lost 8%-13.4% in the last 24 hours.<\/p>\n

However, Solana’s native token SOL showed relative strength amid the sudden crypto market retreat, posting its highest price in 26 months before the slump. Nevertheless, SOL was up 4.8% on the day, making it one of the best-performing assets.<\/p>\n

The crypto was recently trading for $173.06, still some 32.6% lower than its 2021 November all-time high. But traders expect a continued upsurge for SOL, suggesting a $250 target price is achievable.<\/p>\n

<\/a><\/p>\n

SOL’s surge can be attributed to retail demand for trading Solana-based meme coins such as dogwifhat (WIF), a token that recently saw a meteoric rally<\/a>.<\/p>\n

DISCLAIMER:<\/strong> None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.<\/p>\n

The original article written by Brenda Ngari<\/a> and posted on ZyCrypto.com<\/a>.<\/p>\n

Article reposted on Markethive by Jeffrey Sloe<\/a><\/p>\n

** Get secure funding for business projects in the USA and around the world. Learn more about USA & International Financing<\/a> at Commercial Funding International. **<\/strong><\/p>\n

<\/p>\n

Tim Moseley<\/p>\n","protected":false},"excerpt":{"rendered":"

\u00e2\u0080\u00aaBitcoin Slumps Below $67,000 Amidst Crypto Sell-Off, But Solana Bucks The Trend\u00e2\u0080\u00ac By Brenda Ngari – March 15, 2024 In the early hours of Friday morning, a sharp correction wiped billions of dollars from the total crypto market cap, with Bitcoin (BTC) tumbling below $67,000 per coin. At publication time, nearly all of the top … Continue reading Bitcoin Slumps Below 67000 Amidst Crypto Sell-Off But Solana Bucks The Trend<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[67,140],"_links":{"self":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts\/2536"}],"collection":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2536"}],"version-history":[{"count":0,"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts\/2536\/revisions"}],"wp:attachment":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2536"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2536"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2536"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}