BTC and ETH Downswings Sent Shockwaves Through the Altcoin Markets and LONG Traders Book Over $100 Million in Liquidation Losses

As expected, the global crypto market cap shrank by 4.41% shedding over $103.9 billion from the opening market capitalization of $2.4 trillion.

Bitcoin (BTC) price opened the new week with a sharp downturn, dragging the rest of the market down with it. The global crypto market capitalization quickly sank by 4.41%, shedding over $103.9 billion from the opening market valuation of $2.4 trillion.

As the market tumbled, LONG traders were hit hard, booking over $100 million in liquidation losses within the daily timeframe. BTC’s downswing began after it failed to hold above the crucial support level at $24,300 on March 10.

After opening the week at a local high of $24,344, BTC price sank rapidly, reaching lows of $22,890 by March 13. The downturn amounted to a loss of 5.9%, impacting the market capitalization, which opened at $443.3 billion and closed the period at $418.1 billion.

ETH began the week at $1,723 but faced a downturn, reaching lows of $1,583 by March 13. The downswing amounted to a loss of 7.1%, impacting the market capitalization, which opened at $211.3 billion and closed the period at $194.2 billion.

Among the top 10 cryptocurrencies, NEAR and Filecoin (FIL) stood out with gains of 6.2% and 3.6%, respectively, while the rest of the market sank.

The downturn in the crypto market also affected the DeFi sector, with Total Value Locked (TVL) opening at $54.2 billion and closing the period at $51.1 billion, indicating an outflow of $3.1 billion. Among the top protocols, Aave (AAVE) and dYdX (DYDX) saw increases in TVL.

In other news, the United States Securities and Exchange Commission (SEC) has rejected Ripple Labs’ attempt to reduce its potential fines in their ongoing legal battle.

The SEC is seeking a potential fine of $2 billion for Ripple Labs over allegations that the firm sold XRP to institutional investors without registering the sales with the agency.

However, Ripple Labs has argued that the fine is excessive and should be capped at $10 million, based on a recent jury verdict in a separate case against Terraform Labs.

In the Terraform case, the SEC did not allege civil fraud, and the agency settled with the firm for $4.5 billion, which included returning a large portion of the funds to investors and agreeing to burn the remaining tokens.

In response to Ripple's request, the SEC stated that the circumstances surrounding Ripple's case differ significantly from those of Terraform Labs. While Terraform is bankrupt and its executives are fleeing the country, Ripple remains operational and has agreed to none of the concessions made by Terraform, the SEC argued.

The SEC also countered Ripple's attempt to have its penalty determined in comparison to the size of the Terraform penalty, which was calculated based on the defendant’s “gross sales.”

According to the SEC, a more relevant comparison would be gross profits from the alleged violations, which would result in a penalty of $102.6 million for Ripple.

News source：https://www.kdj.com/cryptocurrencies-news/articles/btc-eth-downswings-shockwaves-altcoin-markets-traders-book-liquidation-losses.html

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