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Bitcoin Drops Below $8K Amid Crypto Market Slide
Bitcoin's price is back below $8,000, a move that comes amid a broader decline in the global cryptocurrency market.
Von Annaliese Milano
Bitcoin's price is back below $8,000, a move that comes amid a broader decline in the global cryptocurrency market.
After opening at nearly $8,500, according to CoinDesk's Bitcoin Price Index (BPI), the price of the world's largest cryptocurrency by market capitalization had fallen more than $500 to 7,876.68 by 17:30 UTC.
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As of press time, the cryptocurrency's price was hovering at $7,940.07, per BPI data.
For the month of March, that $8,000 level has proven to be a key battleground on the trading front, having fallen below it several times since February. Technical analysis suggested that a price drop was potentially in the cards, though a 4-hour 50-MA plotted this morning predicted that a decline would not slide below $8,200.
Other cryptocurrency markets are feeling the pressure during Monday's trading session as well. According to CoinMarketCap, the overall market capitalization is at $301 billion.
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Additional information published by cryptocurrency information provider OnChainFX shows that all of the top-10 cryptocurrencies by market capitalization are down today.
Bitcoin image via Shutterstock
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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.
Was Sie wissen sollten:
- 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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