Cryptocurrency Price on March 28: Bitcoin falls below $70,000; Ethereum, Avalanche decline up to 4%
Cryptocurrency markets were trading lower in Thursday's trade, dragged by Bitcoin, Ethereum, Solana, and XRP. Meanwhile, the global cryptocurrency market cap fell 1.2% to around $2.62 trillion in the last 24 hours.
At 10.55 a.m., Bitcoin was trading 1.13% lower at $69,609, while Ethereum was down 2.4% at $3,513. At the same time, other altcoins such as Solana, XRP, Cardano, Shiba Inu and Avalanche, fell 2-4%. On the other hand, BNB (1.5%), Dogecoin (7.2%), and Bitcoin Cash (8.4%) surged.
In a mixed day for bulls and bears alike, BTC first broke the $71k mark before breaking below $69k causing over $175 mn of long liquidations as well as over $80 mn of short liquidations. The short selling began as a federal judge in New York ruled that the SEC can proceed with its lawsuit against Coinbase for unregistered sale and offer of securities, said CoinSwitch Markets Desk.
Meanwhile, Vikram Subburaj, CEO of Giottus, said, «Bitcoin is fighting to hold on to the key $69,000 level after dipping post FUD around Kucoin and Coinbase in the US. We anticipate a period of consolidation before BTC can retest $70,000. If Bitcoin holds $69,000 on weekly and monthly closes this weekend, the possibility of new highs in early April becomes strong.»
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