The cryptocurrency market faces a "Black Weekend": macro pressures intensify, over 126,000 people liquidated

On March 28, 2026, the cryptocurrency market experienced severe volatility. Affected by tightening macro financial conditions and geopolitical tensions, Bitcoin (BTC) plummeted briefly on the evening of the 27th, breaking below the critical threshold of $66,000. As of today, the Bitcoin price is approximately $66,250, with a 24-hour decline of over 3.6%; Ethereum (ETH) also fell below the psychological support level of $2,000, trading around $1,990, while mainstream cryptocurrencies generally suffered significant losses.

According to Coinglass data, over 126,000 people were liquidated across the network in the past 24 hours, with a total liquidation amount reaching $440 million, primarily driven by long positions suffering heavy losses. Market analysts point out that the core driver of this round of decline is not simply geopolitical conflict, but rather the ensuing pressure from the bond market. The yield on the 10-year U.S. Treasury bond has continued to rise to around 4.42%, and market expectations for a Federal Reserve interest rate hike in 2026 are heating up. This liquidity tightening concern has directly overshadowed the safe-haven demand brought about by the war, leading to a systemic sell-off of risk assets.

Additionally, the rebalancing actions triggered by the expiration of quarterly options contracts have also exacerbated market volatility. Although the U.S. has signaled a temporary halt to ground offensives, under the "tightening spell" of high-interest rate expectations, the short-term weak pattern of the crypto market is difficult to change. #全球市场波动 #摩根士丹利比特币现货ETF