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Bitcoin Dips Below $19K, Hitting Lowest Point in Two Months
The price fell to $18,680 on Tuesday, a point not seen since late June.
By Jocelyn Yang
Updated May 11, 2023, 3:46 p.m. Published Sep 6, 2022, 9:49 p.m.
Bitcoin (BTC) tumbled by the most in two weeks, falling below $19,000.
The price drop came after a 10-day stretch during which bitcoin traded right around the $20,000 mark.
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The largest cryptocurrency by market capitalization had struggled to overcome what appeared to be price resistance at $21,000.
The bitcoin price fell as low as $18,680, its lowest point since June 30. As of 5:29 p.m. ET, the cryptocurrency was trading around $18,991, down 3.7% over the past 24 hours, according to the CoinDesk Bitcoin Price Index.
“Each failed attempt (to breach the resistance zone just above $20,000) increased the likelihood of a test of the bottom of the price range” near $18,000, Joe DiPasquale, CEO of crypto hedge fund manager BitBull Capital, told CoinDesk via a text message.
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The S&P 500 slipped 0.41% Tuesday as traders worried the Federal Reserve could stay aggressive in its campaign to tamp down inflation in the U.S.
Bitcoin often trades down when there’s heightened speculation of more hawkish monetary policy.
“From a technical perspective, the price remains in line with our projections, and we would be looking to accumulate between here and $15,000,” DiPasquale said.
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Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
Cosa sapere:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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