Bitcoin with biggest daily loss since FTX crash

Bitcoin continues its recovery, now trading at 63,044 USD and down 8.44 percent yesterday, March 19. This is according to data from Tradingview. This is the largest one-day percentage drop since Nov. 9, 2022, when the cryptocurrency fell more than 14 percent when the crypto empire FTX, founded by Sam Bankman-Fried, collapsed.

Will today also end negative? I Source: TradingView (Coinbase)

At the time of writing, Bitcoin is 14.4 percent away from its all-time high of USD 73,750. Its market capitalization stands at USD 1.2 trillion. This means BTC has dropped to 10th place among the world's largest assets.

One reason for the ongoing sell-off can be found in the sell-off of Bitcoin Spot ETFs. BlackRock bought in yesterday, March 19, for USD 75 million. But thanks to the GBTC sell-off at Grayscale, there was a net outflow totaling about USD 326 million, Farside data show.

A correction after the all-time high rally was foreseeable. It remains to be seen how long the market sell-off will last.