Crypto Market Selloff: Top Reasons Why Bitcoin, Ethereum, Solana, SHIB Crash Today – perspective by CoinGape
Crypto market bleeds on Friday, tanking the global crypto market cap by more than 7% to $2.55 trillion. Bitcoin (BTC) and Ethereum (ETH) price both tumbled over 7% and other altcoins including BNB, XRP, and Cardano (ADA) also fell.
Despite the meme coins hype these days, Dogecoin (DOGE) and Shiba Inu (SHIB) prices also saw heavy profit booking, tumbling 12%. Traders and analysts predicted much-needed capitulation for the market to further rally amid Bitcoin halving.
Two Main Reasons Why Bitcoin and Altcoins Crashed
👉Friday’s Options Expiry: The market fell in response to over $3 billion in Bitcoin and Ethereum options expiry on Friday, March 15. The crypto market always witnesses huge volatility on options expiry. Notably, 30,568 BTC options of notional value $2.09 billion are set to expire today. The put-call ratio is 0.79 and max pain point is $66,000, indicating a profit booking scenario for options traders while remaining bullish. BTC price fell to a low of $66,770 which is still higher than the max pain price. However, Bitcoin will witness a recovery due to buy-the-dip opportunity.
👉Crypto Holdings Liquidated Amid Liquidity Flush: Crypto market saw over $680 billion in market value wiped in the recent liquidations amid liquidity flush. Coinglass data indicates over 192K traders liquidated in the last 24 hours with the largest single liquidation order of BTC-USDT swap valued at $13.30 millionon crypto exchange OKX.
Nearly $543 million longs and $137 million shorts were liquidated, with Bitcoin and Ethereum witnessing over $242 million and $115 million liquidated. This caused the crypto market to bleed, but it also offered a buy-the-dip opportunity.
