Binance
March 3, 2026
Bitcoin (BTC) was seen crumbling after recording a week of gains. The asset slipped back toward a level traders have been watching closely. The move followed a combination of stronger than expected US inflation data and fresh signals from the Federal Reserve that rate cuts are not coming anytime soon. At the same time, rising tensions in the Middle East pushed oil prices higher. This added another layer of pressure to the already unstable markets. Following all of this, Bitcoin’s price today was sitting just below $70,000.
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$455M Liquidated as PPI Beats Estimates and Powell Rules Out Rate Cuts
The selling started after the latest US Producer Price Index (PPI) came in above expectations. Core PPI surged to 3.9%, and headline PPI reached 3.4%, both higher than the 3.0% estimates. Hotter wholesale inflation usually signals that consumer prices may remain elevated. This complicates the outlook for rate cuts.
It should be noted that Federal Reserve Chair Jerome Powell made it clear that the Fed is not planning rate cuts anytime soon. He pointed to rising prices and stubborn inflation. This is, however, the case with most central banks across the globe.
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The reaction in crypto was immediate. Bitcoin saw a massive downfall. The king coin was trading as high as $75,692 earlier this week before dipping to a low of $69,092.77 today. This has prompted the community to call this the Bitcoin crash of March 2026. Along with BTC, the overall crypto market cap dropped 3.8% to $2.51 trillion. Ethereum (ETH), XRP, and Solana (SOL) were seen recording notable losses during this period.
Bitcoin’s price today came as a big blow to the market. This triggered a wave of forced liquidations. Data from CoinGlass shows crypto liquidations in March 2026 reached $520 million in a matter of hours. It should be noted that $420 million came from long positions. Bitcoin alone accounted for more than $177 million of that total.
There are also broader concerns building in the background. Moody’s recession probability hit 48.6%, the highest level since 2020, adding to pressure on risk assets.
For now, BTC’s $70K support seems to be shaky. Analysts are watching it closely and predicting the possible direction of the king coin.
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