Cryptocurrency Market Plunges Again: Over 210,000 Liquidations in 24 Hours

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The global financial landscape saw dramatic shifts on March 10, as the cryptocurrency market experienced another severe downturn, triggering widespread liquidations and investor concern. Simultaneously, traditional financial markets displayed mixed signals across equities, bonds, commodities, and foreign exchange, reflecting ongoing uncertainty in the macroeconomic environment.

Cryptocurrency Market Crashes: Billions Wiped Out

On March 10, Bitcoin continued its downward trajectory, briefly dipping below the $80,000 mark. Over the past 24 hours, the flagship digital asset lost more than 6% of its value. The sell-off extended across the broader crypto market, with major altcoins suffering steep declines:

According to data from Coinglass, this aggressive market correction led to over 210,000 long and short positions being liquidated, with total losses reaching $583 million**. The largest single liquidation occurred on Binance involving a BTC futures contract worth **$32.09 million, underscoring the extreme volatility and leverage risk present in the derivatives market.

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Such mass liquidations highlight the fragility of highly leveraged positions in times of rapid price movement. While Bitcoin had previously shown signs of stabilization following earlier corrections, renewed selling pressure has reignited concerns about market sentiment and short-term outlook.

Core keywords driving this event include cryptocurrency market, Bitcoin price drop, crypto liquidation, market volatility, Ethereum decline, altcoin performance, DeFi risks, and digital asset trends—all critical for understanding current dynamics in blockchain-based finance.

Stock Markets: Chinese Equities Show Resilience Amid Global Uncertainty

In contrast to crypto's turbulence, China’s A-share market demonstrated relative stability. On March 10, the three major indices traded sideways:

Total trading volume reached 1.5 trillion RMB, a decrease of about 312.6 billion compared to the previous Friday. Despite the slight pullback, analysts remain cautiously optimistic.

Market Outlook: Policy Support Fuels Confidence

Since early 2025, Chinese policymakers have intensified domestic stimulus efforts to counter external economic headwinds. The annual "Two Sessions" reaffirmed a “stable and progressive” approach, reinforcing expectations for continued fiscal and monetary support.

Post-Lunar New Year policy momentum has boosted investor sentiment, with sustained inflows via southbound trading channels. Although both mainland and Hong Kong equity markets have seen recent corrections, several factors suggest long-term upside potential:

These elements collectively point toward an ongoing re-rating cycle for Chinese equities, suggesting that short-term fluctuations should not overshadow structural opportunities.

Bond Market: Yields Rise as Rate Cut Hopes Persist

China’s bond market experienced mild selling pressure on March 10. Government bond futures closed lower across maturities:

Spot yields rose slightly during afternoon trading:

Short-term funding rates remained elevated despite a modest 5 billion yuan net withdrawal from open market operations.

Interest Rate Outlook: Dovish Signals on the Horizon

While equity strength has contributed to a classic “stock-bond rotation,” central bank efforts to stabilize the yuan and manage long-term yields appear to be gaining traction. With policymakers emphasizing timely implementation of measures ("better early than late"), expectations are rising for a potential reserve requirement ratio (RRR) cut after the Two Sessions conclude.

Such a move could ease liquidity constraints and alleviate the “asset shortage” phenomenon. Long-term, most analysts expect further rate cuts as monetary easing remains the dominant theme throughout 2025.

👉 Learn how macroeconomic shifts impact digital asset valuations

Commodity Futures: Oil and Agricultural Contracts Shine

Domestic commodity futures were mixed on March 10, with agricultural products outperforming industrial ones.

Winners:

Losers:

Supply-Demand Dynamics Drive Gains

The rally in rapeseed-related contracts is rooted in tightening supply fundamentals:

Furthermore, China’s planned imposition of a 100% retaliatory tariff on Canadian canola products is expected to significantly increase import costs, likely leading to prolonged tightness in domestic supply. This structural shift supports a bullish outlook for rapeseed meal and oil futures in the coming weeks.

Foreign Exchange: Dollar Weakens Amid Soft Labor Data

The U.S. dollar weakened sharply following disappointing employment data.

On March 10:

Non-Farm Payrolls Spark Rate Cut Bets

U.S. February non-farm payroll growth came in at +151,000, below the expected 160,000. More concerning was the unemployment rate, which rose to 4.1%—the highest since November 2024 and above forecasts of 4.0%. This soft data reinforced expectations that the Federal Reserve may begin cutting interest rates sooner rather than later.

Market pricing now reflects increased odds of multiple rate cuts in 2025, putting sustained downward pressure on the greenback.

Gold Markets: Sideways Action Amid Conflicting Forces

Gold prices traded in a narrow range on March 10:

Mixed Drivers Weigh on Bullion

Several opposing forces influenced gold’s movement:
âś… Supportive factors:

❌ Bearish pressures:

With these dynamics in balance, gold is expected to remain range-bound in the near term, awaiting clearer macro cues.

Technology & Innovation: AI Chips Enter Growth Phase

A recent report by CICC (China International Capital Corporation) highlights a turning point in edge AI development.

The emergence of lightweight, open-source large models like DeepSeek is lowering barriers for AI hardware startups. Advanced model distillation techniques now allow efficient deployment on-device, improving inference speed without requiring cloud connectivity.

This shift is fueling demand for specialized AI chips—particularly System-on-Chip (SoC) solutions—where Chinese manufacturers are gaining ground. As local firms achieve breakthroughs in model optimization and device integration, they’re strengthening their position in the global semiconductor value chain.

Frequently Asked Questions (FAQ)

Q: What caused the recent crypto market crash?
A: A combination of macroeconomic uncertainty, weak U.S. jobs data, leveraged position unwinding, and profit-taking after previous rallies contributed to the sell-off.

Q: How many people were liquidated in the latest crypto downturn?
A: Over 210,000 traders faced liquidation within 24 hours, with total losses exceeding $583 million.

Q: Is Bitcoin still a good long-term investment?
A: Despite volatility, many analysts maintain a positive long-term view due to limited supply, increasing institutional adoption, and growing use cases.

Q: Why did rapeseed meal futures jump so sharply?
A: Tight supply from reduced Canadian imports and rising demand from early aquaculture activity drove prices higher—further amplified by proposed import tariffs.

Q: Will the U.S. Federal Reserve cut interest rates in 2025?
A: Yes, soft labor data has increased market confidence that rate cuts will occur, likely starting in mid-to-late 2025 depending on inflation trends.

Q: How does AI innovation affect semiconductor demand?
A: Edge AI adoption is driving demand for specialized SoC chips capable of running complex models locally—boosting growth for domestic chipmakers.

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