Bitcoin price sold off on March 15 as bears pushed the price dorsum into the mid-$50,000 range a few days after (BTC) hit a new all-time high above $61,000.

Data from Cointelegraph Markets and TradingView shows that Bitcoin toll dropped as low as $54,600 and at the time of writing, buyers have not stepped in to arrest the decline.

BTC/USDT 4-60 minutes chart. Source: TradingView

A serial of recent developments have increased the fear, uncertainty and uncertainty (FUD) factor for the top cryptocurrency, including rumors of a potential digital asset ban in India that would criminalize the possession, issuance, mining, trading and transfer of cryptocurrency.

Adding to the bad news of the day, PancakeSwap (CAKE) and Foam Finance (Foam), two of the summit DeFi projects on the Binance Smart Chain, roughshod victim to a DNS spoofing set on that sought to phish users into entering their individual keys on the website.

Both projects immediately informed users of the exploit and advised them to avoid logging in until the effect is resolved. and are reminded to go along their individual keys and seed phrases secure and stored offline. At the daily close CAKE price was down by viii.vii% and CREAM dropped by 14.3% before recovering to $110 at the daily close.

The bullish uptrend remains intact

Despite Monday'due south decline, traders are optimistic that BTC will see a rapid recovery and a contempo survey estimates that upwardly to 10% of the $400 billion in pandemic relief for U.S. citiz could exist used to buy Bitcoin and stocks.

Some other bullish sign for BTC comes from the futures markets, where a record $22.5 billion in open interest on BTC futures indicates that bulls remain optimistic that the electric current uptrend will go along.

According to Chad Steinglass, Head of Trading at CrossTower, the early forenoon sell-off was not surprising due to several factors including less liquidity on the weekends which tin can atomic number 82 to "liquidations in highly levered bandy and options products that trade outside of the U.S.," exacerbating the downwardly movement.

Steinglass said:

"Couple this with the fact that Cathay has been trading weak ever since the Lunar New year in both equity and crypto markets, and a sell-off from the weekend highs, while disappointing, is non particularly surprising."

Stimulus optimism leads to new record-highs in equities

The traditional financial markets rallied on Monday as optimism surrounding the recent $1.9 billion stimulus package signed past President Biden helped dampen concerns related to ascent Treasury yields.

The S&P 500, Dow and NASDAQ all airtight the day positive, up 0.65%, 0.53% and 1.05% respectively. The South&P 500 and Dow both establishing new all-fourth dimension highs as the trading day closed.

Select altcoins ignore Bitcoin's bearish turn

Daily cryptocurrency market place performance. Source: Coin360

Despite the surly turn of events, several altcoins were able to resist and rally college.

Enjin (ENJ) saw its price surge 32% to a new all-time high of $3.00 during the early trading hours equally the altcoins volume surged after being listed on Huobi exchange.

The dual-token system of VeChain (VET) and the VeThor Token (VTHO) besides moved college equally a high book spike lifted VET to a new all-time high at $0.0827. VTHO toll increased 37% to $0.0119, its highest level in over two years.

BTC/USD daily nautical chart. Source: Coin360

The overall cryptocurrency marketplace cap now stands at $1.71 trillion and Bitcoin's dominance charge per unit is 60.9%.