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Bitcoin Price Hits One-Week Low In Drop Below $8K
The price of bitcoin fell below $8,000 for the fourth time in seven days as the cryptocurrency's value sank to its lowest level since July 23rd.
By Sam Ouimet
Updated Sep 14, 2021, 1:53 p.m. Published Jul 31, 2018, 2:14 p.m.
The price of bitcoin fell below $8,000 for the fourth time in seven days Tuesday as the cryptocurrency's value sank to its lowest level since July 23.
As of press time, the world's largest cryptocurrency by market capitalization is averaging $7,764.44, according to CoinDesk's Bitcoin Price Index (BPI). That figure represents a roughly 4.9 percent decline since the day's open of $8,168.00 and a step above Tuesday's reported low of $7,677.94.
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Bitcoin was in some familiar territory just yesterday when the price slipped below $7,900, followed by a quick recovery above $8200.
While the recent turbulence can be seen as slight cause for concern for the bulls, bitcoin is less than 12 hours away from closing a productive month during which – as it currently stands – its price increased more than 22 percent and surpassed the prior month's volume for the first time since February, according to the Bitfinex Exchange.
Other cryptocurrency markets are faring similarly, market data shows.
At press time, five of the 10 largest cryptocurrencies by market capitalization are recording 24-hour percentage losses of more than 5 percent. The biggest loser of which is EOS, which is currently printing a 10.36% loss, according to CoinMarketCap.
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.
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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