Bitcoin has fallen to its lowest price since March 2, trading at $65,804 on Friday, down more than 4% on the day. The cryptocurrency dropped as low as $65,720 earlier Friday, marking the lowest registered price since the first business day after the United States and Israel began bombing Iran. According to Decrypt, this decline comes as markets reacted to the surprise weekend assault, with over $500 million worth of crypto positions liquidated in the last 24 hours, with nearly 90% of the carnage coming from long positions. Other major cryptocurrencies are similarly feeling the pain, with Ethereum down about 4% to $1,980, Solana falling 5% to under $83, and BNB dipping 3% to $608. The broader market context shows that Bitcoin has now fallen around 4.8% in the last 24 hours to change hands around $66,020, briefly touching its lowest price since March 2 below $66,000.
Strategy, the largest corporate holder of Bitcoin with approximately $50 billion in holdings, saw its stock (MSTR) fall more than 5% on the day, recently trading below $126 and marking its lowest price in more than a month. The top Ethereum treasury firm, BitMine Immersion Technologies (BMNR), similarly hit a monthly low of $18.42 earlier Friday, and was recently trading just above that level at a more than 4% daily dip. Robinhood (HOOD), the crypto and stocks trading platform, also fell to a monthly low earlier Friday, trading just above $66. As reported by Decrypt, HOOD is now down more than 11% over the last month, with its six-month plunge now topping 50% as of this writing. The broader stock market indices are also down, with the Nasdaq falling 1.5% as of this writing, with the S&P 500 and Dow both down just over 1% each.
According to latest reports from Decrypt, Ark Invest shed approximately $11 million worth of shares in its spot Bitcoin ETF (ARKB) on Thursday, as part of a broader tech sell-off. The firm also divested around $6.5 million in shares of crypto exchange Bullish and nearly $5 million worth of Bitcoin proponent Jack Dorsey's firm, Block (XYZ). This divestment comes amid a sustained market downturn as uncertainty in Iran continues to impact both tech stocks and cryptocurrency markets. The sales represent a significant reduction in Ark Invest's Bitcoin exposure, with the firm now holding only around $100 million in ARKB, making it the 35th largest holding among actively managed ARK ETFs out of 96 total positions.
The recent decline was attributed to multiple market factors, as reported by AMBCrypto. The Bitcoin sell-off since Wednesday, March 25th has significantly affected altcoin sentiment across the cryptocurrency market. Additionally, high volatility during a time when war tensions in West Asia remained high and rising oil prices pushed investors to derisk their portfolios contributed to the cryptocurrency's decline. Recent developments show that Bitcoin traders have flipped increasingly bearish on the coin in the last couple days, with users on Myriad—a prediction market platform—currently penciling in a 64% chance that Bitcoin's next stop is $55,000 rather than $84,000. That sentiment was flipped as recently as early Thursday morning. The combination of geopolitical uncertainties and energy market pressures created challenging conditions for cryptocurrency markets, with U.S. President Trump saying Thursday after markets close that he would pause a planned assault on Iranian energy sites, but Israel then saying it would "escalate" attacks on Iran following missile strikes against it.
Despite the recent decline, RIVER maintained some technical positives according to AMBCrypto analysis. The cryptocurrency was trading within the Fibonacci golden pocket at $12.65-$17, with $11.4 identified as a local support level to monitor. The analysis noted that the move above the $24.2 high from mid-February came alongside CMF values of over +0.05, indicating strong capital inflows and potential for a sustained rally. However, the altcoin was trading near the $12.65-$17 Fibonacci golden pocket, which represents a key technical area for traders to watch. The broader market context shows that Bullish is now trading near the $12.65-$17 Fibonacci golden pocket, which represents a key technical area for traders to watch.
As reported by AMBCrypto, the current market conditions present both opportunities and challenges for traders. The analysis suggests that swing traders can look for entries at $11.4-$12.65 or wait for the $20 area to be flipped to support before making buying decisions. The uncertainty around Bitcoin could potentially see further RIVER sell-offs, with the cryptocurrency having the potential to drop to $12.65 or $11.4, which were almost 30% lower than current levels. The report emphasizes that flexibility and risk management are essential in the current uncertain market environment, particularly as institutional investors like Ark Invest continue to reduce their cryptocurrency exposure amid broader market volatility and geopolitical tensions.
