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Bitcoin's Price Slides Below $6.5K to Hit 70-Day Low
The price of bitcoin, the world's largest cryptocurrency by market capitalization, fell to its lowest point since April 1 on Tuesday.
By Sam Ouimet
Updated Sep 14, 2021, 1:53 p.m. Published Jun 12, 2018, 8:08 p.m.
The price of bitcoin, the world's largest cryptocurrency by market capitalization, fell to its lowest point since April 1 on Tuesday.
Bitcoin's value slid to $6,455.92 during the afternoon trading session, dropping more than $280 in the span of two hours, according to data from CoinDesk's Bitcoin Price Index. This represents the lowest figure since the start of April when the BPI registered a low of $6,443.
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The charts suggest a support of $6,436 – if current levels are broken, the next major support is $6,000, borne from the lows from early February of this year.
As of press time, the BPI is reporting a price of $6,523.86.
As of press time, bitcoin is down 5.82 percent in the last 24 hours. Further, on a year-to-date basis, bitcoin is reporting a 60 percent depreciation overall.
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Tuesday's session saw downward developments for other major cryptocurrencies as well. For instance, litecoin, the world's sixth largest cryptocurrency by market capitalization, is now approaching $98 – a price not seen since December of last year.
EOS is also down 12% on the day, representing a total decline of 34% since June 4th.
Meanwhile, the total market capitalization of all cryptocurrencies is just over $280 billion, according to data published by CoinMarketCap.
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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.
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- 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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