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Bitcoin Price Falls to New 2018 Low
The price of bitcoin slid below $6,000 on Friday, hitting a new low for 2018.
Por Stan Higgins, Sam Ouimet
The price of bitcoin slid below $6,000 on Friday, hitting a new low for 2018.
CoinDesk's Bitcoin Price Index (BPI) fell to $5,938.18 at 21:51 UTC, surpassing the prior low of $5,947, which occurred on February 6.
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As of press time, that figure had risen above that low, with the price of bitcoin averaging $5,977.02, BPI data indicates. All told, the price of bitcoin has declined more than $700 since the start of the day's trading.
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The cryptocurrency's market capitalization has also dipped, sliding to $102 billion – its lowest of the year – according to the BPI.
As analysis previously suggested, market bears may be back in force following the recent push above $6,700. CoinDesk's Omkar Godbole wrote earlier Friday that earlier technical charts showed the potential for a drop below $6,000.
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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.
What to know:
- 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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