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Bitcoin Breaks Below $50K as Market Sell-Off Continues
Bitcoin's price fell about $4,300 in the last 24 hours.
Updated Sep 14, 2021, 12:45 p.m. Published Apr 23, 2021, 3:03 a.m.
Bitcoin has fallen below the $50,000 psychological support line, hitting its lowest point in 48 days.
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At around 17:00 UTC on Thursday, bitcoin's (BTC) price fell from around $54,900 to $51,500 before the markets inflicted another sell-off to $48,300, according to Bitstamp exchange data. Prices are currently hovering around $49,200, representing an 8% drop or loss of about $4,300 over the previous 24-hours, according to CoinDesk's bitcoin price page.
"On-chain data suggests we're still in a long-term bull market," Ki Young Ju, CEO of South Korea-based blockchain analytics firm CryptoQuant, told CoinDesk. "In the short term, we might have a correction and going sideways in a broad range since the market is over-heated among retail investors."
Bitcoin is on track to close out its biggest weekly drop since February when prices fell 21% before making a sharp recovery and breaking to all-time highs near $64,900.
A loss of the 100-point daily moving average at around $49,400 may open up steeper losses to around $46,000, according to technical analysis theory.
Other cryptocurrencies are also experiencing sharp sells, with XRP and ether both down 13% and 7% respectively and binance coin is down 5.8%. Indeed, almost all of the assets in the CoinDesk 20 – the 20 cryptocurrencies making up the lion's share of the crypto market at eight significant exchanges – have fallen in price over the last 24 hours.
See also: Bitcoin Price Decline Deepens, Heads for Worst Week Since February
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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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