Crypto market bleeds on Friday, tanking the global crypto market cap by more than 7% to $2.55 trillion. Bitcoin (BTC) and Ethereum (ETH) price both tumbled over 7% and other altcoins including BNB, XRP, and Cardano (ADA) also fell.
Despite the meme coins hype these days, Dogecoin (DOGE) and Shiba Inu (SHIB) prices also saw heavy profit booking, tumbling 12%. Traders and analysts predicted much-needed capitulation for the market to further rally amid Bitcoin halving.
Reasons Why Bitcoin and Altcoins Crashed
1. Friday’s Options Expiry
The market fell in response to over $3 billion in Bitcoin and Ethereum options expiry on Friday, March 15. The crypto market always witnesses huge volatility on options expiry.
Notably, 30,568 BTC options of notional value $2.09 billion are set to expire today. The put-call ratio is 0.79 and max pain point is $66,000, indicating a profit booking scenario for options traders while remaining bullish. BTC price fell to a low of $66,770 which is still highe
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