Share this article

First Mover Americas: BTC's Drop Below $62K Is the Biggest Single-Day Loss Since FTX’s Collapse

The latest price moves in crypto markets in context for March 20, 2024.

Updated Mar 20, 2024, 12:33 p.m. Published Mar 20, 2024, 12:31 p.m.
bitcoin price. FMA lead image March 20, 2024

This article originally appeared in First Mover, CoinDesk's daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

Latest Prices

FMA prices March 20, 2024
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters

Top Stories

Bitcoin’s (BTC) price correction gathered pace Tuesday as the U.S.-listed spot exchange-traded funds (ETFs) fell out of favor. The leading cryptocurrency by market value fell over 8% to under $62,000, data from charting platform TradingView shows. That’s the biggest single-day percentage (UTC) decline since Nov. 9, 2022. That day, prices tanked over 14% as Sam Bankman Fried’s FTX, formerly the third largest crypto exchange, went bankrupt. Bitcoin’s latest price slide has been catalyzed by several factors, including outflows from the spot ETFs, according to trader and economist Alex Kruger. Provisional data published by investment firm Farside show that on Tuesday, there was a net outflow of $326 million from the spot ETFs, the largest on record. On Monday, Grayscale’s ETF witnessed a record outflow of $643 million. “Reasons for the crash, in order of importance: #1 Too much leverage (funding matters). #2 ETH driving market south (market decided ETF was not passing). #3 Negative BTC ETF inflows (careful, data is T+1). #4 Solana shitcoin mania (it went too far),” Kruger said on X.

Advertisement

Web3 gaming developer platform Immutable and venture capital company King River Capital have teamed up to form a $100 million “Inevitable Games Fund” (IGF) with help from Polygon Labs. IGF will target high-growth opportunities for professional and sophisticated investors in Web3 gaming, according to an emailed announcement on Tuesday. Immutable and Polygon Labs will identify investment opportunities, while King River will manage the investment process and deploy the capital across game studios and Web3 infrastructure firms. The fund is hoping to capture the opportunity in the Web3 gaming industry. “Since 2018, the sector has attracted approximately $19 billion in investments. In 2023, blockchain gaming-related rounds reached $1.7 billion. A significant part of that has flowed to the 270+ blockchain games in development on Immutable,” the press release said, citing industry research.

Investment management giant BlackRock (BLK) has created a fund called the BlackRock USD Institutional Digital Liquidity Fund, according to a document filed with the U.S. Securities and Exchange Commission (SEC). The fund, incorporated in the British Virgin Islands, will be launched in partnership with asset tokenization firm Securitize. The filing does not reveal what assets the fund will hold. Still, Securitize’s presence potentially suggests the product has something to do with the tokenization of real-world assets, or RWA – industry jargon for representing ownership of a wide range of assets through a token on a blockchain. After BlackRock’s filing came out, Ondo Finance’s native token ONDO jumped as much as 20%. Ondo runs a RWA platform.

Advertisement

Chart of the Day

Chart of Day FMA March 20, 2024
  • The chart shows three- and six-month bitcoin call-put skews.
  • Positive values indicate a bias for calls expiring in three and six months.
  • Options traders continue to see higher prices for bitcoin over 90 and 180 days despite the recent market weakness.
  • Call options allow the purchaser to buy the underlying securities at a particular price in the future.
  • Source: Amberdata, Deribit

Trending Posts

More For You

Exchange Review - March 2025

Exchange Review March 2025

CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.

What to know:

Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.

  • Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
  • Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions. 
  • Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.

Mehr für Sie

This article is created to test tags being added to image overlays

Consensus 2025: Zak Folkman, Eric Trump

Dek: This article is created to test tags being added to image overlays

Was Sie wissen sollten:

  • Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.