On March 15, 2024, Bitcoin (BTC) dropped to $66,800 in the cryptocurrency market. This was an 8% decrease within just one day after hitting over $70,000 earlier in the week.

The CoinDesk 20 index also went down by 6%. Experts say Bitcoin’s fall from its highest points is normal after big increases. Adrian Wang, CEO of Metalpha, thinks the market might be adjusting because of uncertainties before the mining reward halves.

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• Bitcoin’s price dropped by 8%, falling to $66,800 from over $70,000 earlier this week.
• El Salvador received a $400 million Bitcoin transfer, which was more than what was expected.
• Stifel, an investment bank, suggests investing in Galaxy Digital (GLXY) during market turbulence.

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El Salvador’s Bitcoin Holdings Exceed Expectations; Market Volatility Persists

El Salvador is famous for backing Bitcoin. Recently, it made headlines by transferring a large amount of Bitcoin—worth about $400 million—into a super safe storage system known as a cold wallet. President Nayib Bukele announced this on X (formerly Twitter).

This action created what Bukele calls “our first Bitcoin piggy bank.” The cold wallet is kept safely in a physical vault within El Salvador’s borders. Based on Thursday’s prices, Bukele revealed that the wallet contains 5,689.68 BTC, valued at $411 million. This amount is higher than expected for Bitcoin held by El Salvador.

Investment bank Stifel says Galaxy Digital (GLXY) is a good stock pick for people who invest in stocks. Stifel started covering Michael Novogratz’s crypto finance company with a positive recommendation and a target price of C$20. But Galaxy’s stock closed lower on Thursday at C$13.11, down by 4.7%. 

Stifel likes Galaxy Digital because it gives investors a big chance to benefit from Bitcoin and Ethereum, has different ways to make money, and could grow more because it helps decentralized networks with their infrastructure.

The chart shows how much money was lost in crypto futures trading on the last day. When Bitcoin dropped to $67,000, traders lost over $800 million. Swiss One Capital sees this as good because it helps balance out risky trading.

Our newsletters will give you important updates about the cryptocurrency market. They’ll help you stay involved in the market for a long time. Watch out for new developments and exciting changes in this fast-growing field.