Bitcoin's price has dropped to the $61,000 mark.

On March 20, the rate of the first cryptocurrency fell to $61,000, losing 5.5% in a day.

BTC/USDT chart on a 15-minute interval on the Binance platform. Data: TradingView.

Bitcoin is trading at $61,900, according to the latest data. The cryptocurrency’s market capitalization has reached $1.21 trillion and the trading volume has reached $78 billion, according to information from CoinGecko.

As a result of bitcoin’s price drop, all assets from the top 10 were in the red zone.

Data: CoinGecko.

The total market capitalization fell to the $2.42 trillion mark, losing 4.8% in the last 24 hours. Bitcoin’s share of this figure is 50%.

According to Coinglass data, over the past 24 hours, the volume of liquidations in the futures market reached $657 million. Of this amount, $491 million were related to long positions.

Liquidation Map. Data: Coinglass.

MN Trading’s Managing Director, Michael van de Poppe, emphasized the importance of the upcoming US Federal Reserve (Fed) key rate meeting.

“Given that the Bank of Japan raised interest rates, it is likely that the sell-off continued because of that decision. I suspect there will be a rotation today/tomorrow depending on the Fed’s decision and we are close to the low,” he said.

Well-known bitcoin critic and president of Euro Pacific Capital, Peter Schiff, emphasized that since reaching a previous peak of $69,000, bitcoin has fallen nearly 80% to the $16,000 mark within a year.

“Given that most are now much more optimistic, there’s probably more collapse ahead,” Schiff emphasized.

Experts from Glassnode noted that with bitcoin rising above the $70,000 mark, many holders of the cryptocurrency started selling their assets, locking in profits.

Analysts from JPMorgan suggested a possible correction in bitcoin’s price to the $42,000 mark after the upcoming halving, which is scheduled for April.