BlockBeats News, March 19th, according to CoinDesk reports, Bitcoin fell to around $70,000, Ethereum dropped to $2,160, and the overall crypto market was under pressure. At the macro level, two major bearish factors overlapped. First, the Federal Reserve kept interest rates unchanged on Wednesday, continuing to hold the federal funds rate range at 3.50% to 3.75%, pausing the rate cut cycle, driving the U.S. dollar higher and putting pressure on risk assets. Second, after Israel attacked Iran’s Natanz nuclear facility, Iran launched attacks on key energy infrastructure in the Gulf, Brent crude oil rose to $114, Oman crude oil rose to $150, and European natural gas futures surged about 25% to above $78 per megawatt-hour on Thursday.
On the derivatives side, in the past 24 hours, crypto exchanges liquidated nearly $600 million worth of leveraged contract positions, with longs accounting for the majority, indicating that the overnight drop caught longs off guard. The total market open interest of futures decreased by 5.6% to $106.9 billion, with Ethereum futures open interest dropping by 9%. Funding rates for BTC, ETH, BNB, SOL, and other major coins turned negative, signaling a rise in short demand. The Bitcoin 30-day Implied Volatility Index (BVIV) rose over 5% to 58.36%, ending the previous week’s downtrend. Both Bitcoin and Ethereum bearish options skew strengthened on Deribit, as market downside concerns intensified.
