Cryptocurrency plunges late at night, nearly 120,000 traders liquidated, gold breaks through $4,550

MaticHoleFiller · 2026-03-29T11:05:18+00:00

The cryptocurrency market has experienced a significant decline, with Bitcoin dropping below $66,000, leading to over 120,000 liquidations and a total of $446 million. Meanwhile, gold and silver prices surged sharply, with spot gold surpassing $4,555. UBS CIO believes that gold faces multiple resistances but has a bullish long-term outlook, with an expected gold price reaching $5,900 by 2027.

MaticHoleFiller

2026-03-29 11:05:18

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Reporter | Liu Xueying

Cryptocurrency market experiences a sharp decline!

On the evening of March 27, Bitcoin briefly plummeted below $66,000. As of 7:36 AM on the 28th, Bitcoin had dropped over 3.6%, Ethereum fell to $1,987 with a decline of over 3%, SOL dropped over 4%, and XRP, Dogecoin, and others also fell.

Over 120,000 people in the cryptocurrency market were liquidated, with the liquidation amount reaching $446 million.

On the other hand, gold and silver skyrocketed late at night, with spot gold briefly breaking $4,555 per ounce. By the close, spot gold was up 2.5%, reported at $4,493.36 per ounce, and COMEX gold futures rose by 2.6%. Spot silver increased by 2.4%, reported at $69.73 per ounce.

Gold experienced a rare decline this week, consecutively losing several key levels. According to Sino-Singapore Jingwei, the CIO of UBS stated that for many investors, instinctively, gold is considered a “safe haven” during geopolitical tensions, but each geopolitical event has its unique macroeconomic backdrop, with varying conditions for inflation, policy expectations, and capital flows.

The UBS CIO believes that gold currently faces multiple resistances, including energy-driven inflation and interest rate hike expectations, a strengthening dollar, and outflows of investment capital, but these should be considered short-term factors. The current situation may trigger a slowdown in global economic growth, which could lead to the fading of some factors unfavorable to gold prices. This round of decline may be a correction within the long-term upward trajectory of gold. Although gold prices may still drop, based on the institution’s expectation that prices will eventually rebound, these levels are attractive for long-term investors. The UBS CIO anticipates that the target price for gold in early 2027 will be $5,900 per ounce.

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Editor: Wei Zirong

BTC0,08%

ETH-0,16%

SOL-0,6%

XRP-1,04%

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