Bitcoin's Rollercoaster: From Peak to Plunge in Moments!

The price of Bitcoin fell by more than $1,000 in just a minute, eventually dipping to a low of $59,700.

Author

Danielle du Toit
March 06, 2024

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Here's what we've got for you today:

  • Bitcoin Plunges, Triggering Over $1 Billion in Market Liquidations

  • Incognito Market’s Withdrawal Issues Spark Exit Scam Suspicions

  • Coachella and OpenSea Launch NFTs with Music Festival Utility and Keepsakes

  • DeFi TVL Surpasses $100B for 1st Time Since May 2022

After reaching a new all-time high, Bitcoin experienced a sharp sell-off on cryptocurrency exchanges.

  • Bitcoin reached a new all-time high before experiencing a massive sell-off, resulting in a price drop of more than 10%.

  • Over 300 BTC, valued at around $20 million, were positioned to be sold at $69,000, with more than 500 BTC lined up for sale at $70,000.

  • The price of Bitcoin fell by over $1,000 in just a minute, eventually dipping to a low of $59,700.

Incognito Market, a darknet platform, is being called an "exit scam" as users struggle to withdraw their Bitcoin and Monero. 

  • Complaints started popping up after users of the marketplace experienced issues with processing crypto withdrawals.

  • The situation worsened when Hugbunter, a respected figure in the dark web security community, reported an attempt by Incognito's administrator, "Pharoah," to bribe him to delete critical posts.

  • This led Hugbunter to publicly confirm an exit scam by Incognito, in an effort to prevent any further losses among its users.

Coachella, one of the globe's biggest music festivals, announced a collaboration with OpenSea to transform NFTs into real-life VIP experiences.

  • The 2024 Coachella Valley Music and Arts Festival will introduce three unique NFT collections that act as all-access passes to exclusive on-site experiences and merchandise.

  • Sam Schoonover, Coachella's innovation lead, described the initiative as a "new chapter" for improving customer experiences through NFTs, both in-person and digitally.

  • The NFT collections will be hosted on the Avalanche blockchain network and will be released in three separate drops.

💫 DeFi TVL Surpasses $100B for 1st Time Since May 2022

For the first time in almost two years, the total value locked (TVL) of DeFi protocols exceeded $100 billion, reaching $101.3 billion.

  • Lending accounted for $32.6 billion or 32.2% of the total DeFi TVL, with decentralized exchanges at $19.97 billion (19.7%), collateralized debt positions at $12.22 billion (12%), and restaking activities at $10.06 billion (9.9%).

  • The last time the DeFi TVL surpassed $100 billion was on May 11 of 2022, reaching $112.67 billion.

  • Over 31.5 million Ether, valued at approximately $115 billion and representing 26% of the total Ether supply, has been staked on the Ethereum blockchain.

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