{"id":15922,"date":"2024-03-20T08:00:33","date_gmt":"2024-03-20T08:00:33","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=15922"},"modified":"2024-03-20T07:29:46","modified_gmt":"2024-03-20T07:29:46","slug":"bitcoin-closes-daily-red-candle-for-first-time-after-ftx-crash","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bitcoin-closes-daily-red-candle-for-first-time-after-ftx-crash\/","title":{"rendered":"Bitcoin Closes Daily Red Candle for First Time After FTX Crash"},"content":{"rendered":"

Bitcoin<\/a> experienced its most significant single-day loss since the collapse of FTX as spot BTC ETFs saw unprecedented outflows on Tuesday, according to provisional data from Farside.<\/p>\n

On Tuesday, BTC<\/a> plummeted over 8%, marking its largest single-day percentage decline (UTC) since November 2022. The drop appears to have been sparked by the outflows from ETFs.<\/p>\n

The correction in Bitcoin’s price accelerated as U.S.-listed spot ETFs lost favor. The cryptocurrency’s value dipped below $62,000, as reported by TradingView, representing a substantial decline. This drop is reminiscent of November 9, 2022, when prices tumbled over 14% due to the bankruptcy of Sam Bankman Fried\u2019s FTX exchange. The daily performance mentioned here reflects the percentage gain or loss within a day, from midnight UTC to 23:59:59 UTC.<\/p>\n

Bitcoin has retraced 15% from its recent peak of over $73,500 reached last week, while the CoinDesk 20 Index has similarly pulled back by 16% during the same period.<\/p>\n

Several factors, including outflows from spot ETFs, have contributed to Bitcoin’s recent price slide, according to trader and economist Alex Kruger. Data from Farside indicates a net outflow of $326 million from spot ETFs on Tuesday, the largest on record. Kruger suggests that excessive leverage, Ethereum’s influence on the market downturn, negative BTC ETF inflows, and a speculative frenzy around Solana have all played a role.<\/p>\n

Ether (ETH), the second-largest cryptocurrency, surged to around $4,000 following last week\u2019s Dencun upgrade but has since declined to $3,130. One reason for this decline is the diminishing likelihood of the U.S. SEC approving an ether spot ETF by May.<\/p>\n

Additionally, earlier this month, the crypto market appeared overheated, with long traders paying annualized funding rates exceeding 100% to maintain their bullish perpetual futures positions. Such lopsided leverage often precedes corrective price movements.<\/p>\n

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Also, you can freely share your thoughts and comments about the topic in the comment section. Additionally, please follow us on our\u00a0Telegram<\/strong>,\u00a0<\/a>YouTube\u00a0<\/strong><\/a>\u00a0and\u00a0Twitter<\/strong><\/a> channels for the latest news and updates.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin experienced its most significant single-day loss since the collapse of FTX as spot BTC ETFs saw unprecedented outflows on Tuesday, according to provisional data from Farside. On Tuesday, BTC plummeted over 8%, marking its largest single-day percentage decline (UTC) since November 2022. The drop appears to have been sparked by the outflows from ETFs.<\/p>\n","protected":false},"author":6,"featured_media":15610,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[61,1766,60],"class_list":["post-15922","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-bitcoin","tag-bitcoin-btc","tag-btc"],"yoast_head":"\nBitcoin Closes Daily Red Candle for First Time After FTX Crash - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Bitcoin experienced its most significant single-day loss since the collapse of FTX as spot BTC ETFs saw unprecedented outflows on Tuesday.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-closes-daily-red-candle-for-first-time-after-ftx-crash\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Closes Daily Red Candle for First Time After FTX Crash - 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