Daily Crypto Signals: $1 Billion in Liquidations Crush Bitcoin and XRP

Cryptocurrency markets experienced significant volatility in early March, with Bitcoin dropping below $83,000 and XRP struggling to maintain momentum

Cryptocurrency markets encountered substantial shifts in early March, with Bitcoin falling below the $83,000 mark and XRP struggling to maintain momentum amid broader economic uncertainties.

As reported by crypto analytics firm Glass Node, over $1 billion in derivatives liquidations across major cryptocurrencies were recorded in the past 24 hours. These liquidations and macroeconomic factors have played a crucial role in shaping market dynamics.

Bitcoin dropped below the $83,000 level on Saturday amid a broader crypto market selloff. As of 07:48 ET (11:48 GMT), Bitcoin traded at $82,164.0.

On the other hand, XRP struggled to maintain momentum above the $2.40 mark. As the price of XRP slipped below the key psychological level of $2.50, it encountered resistance from sellers at the $2.40 resistance band.

In other crypto market news:

Fears of a possible trade war have caused over $1 billion in futures liquidations on Saturday, highlighting significant volatility in the bitcoin market.

The US Securities and SEC has discontinued its inquiry into Yuga Labs, while the International Monetary Fund (IMF) has made fresh proposals to limit El Salvador’s bitcoin purchases.

Bitcoin saw notable price swings, ranging from about $93,000 to almost $82,000. Deratives markets point to a temporary decline notwithstanding the dip. Based on the ISM business cycle, analysts such as Raoul Pal project Bitcoin might max out in late 2025 or early 2026. The path of Bitcoin depends largely on the macroeconomic indices and global M2 money supply.

Ethereum lost 22% of its value in 48 hours and traded close to $2,080 under great pressure. A MakerDAO post valued at $126 million came within 4% of liquidation, underscoring the flux of the market. Partly due to institutional inflows and the emergence of other blockchains, the cryptocurrency has underperformed against Bitcoin.

From its January top of $3.40 to about $2.40, XRP has suffered a noteworthy fall—30%. Fascinatingly, the $5 call option remains the most frequently used bet on Deribit; however, many of these are probably covered call strategies rather than pure bullish positions.

Solana is negotiating possible protocol changes that would have a huge effect on validator earnings. Two suggested changes aim to adjust staking rewards and inflation rates, potentially decreasing validator earnings by up to 95%. Staked supply of the network has been increasing, and there is optimism regarding possible SOL ETF certifications in 2025.