Bitcoin experienced a heavy price correction during Asian trading hours, dipping to a multi-week low of under $66,000, which resulted in significant losses for traders betting on further price increases.
Over the past weeks, the flagship digital asset, fueled by the buzz surrounding the spot Bitcoin exchange-traded funds (ETFs), had been on an upward trend that culminated in a new all-time high of $73,750 yesterday, Mar. 14.
However, the jubilation was short-lived as the market experienced heavy volatility, driving the price down by more than 10% to as low as $65,872.
Crypto hedge fund Ouroboros Capital attributed this market correction to macroeconomic factors, pointing out that the “inflation print last night confirmed the market’s fears that the resurgence of inflation since the start of the year is here to stay.”
“My biggest fear is here – macro boogieman. The macro boogieman is very dangerous in a bull market cause everyone’s too focused on the bottom up, the narrative
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