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Bitcoin Sell-Off Continues as Asian Markets Fall Amid Weak China Cues
Bitcoin continues losses as major markets around Asia end the week.
By Sam Reynolds
Updated May 11, 2023, 5:23 p.m. Published May 6, 2022, 10:44 a.m.
Bitcoin (BTC) was down 1% throughout the Asian trading session, pushing its one-day loss to almost 8.5% as markets throughout the region provided traders with weak returns.
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Mis geen enkel verhaal.Abonneer je vandaag nog op de Crypto Daybook Americas Nieuwsbrief. Bekijk Alle Nieuwsbrieven
- Bitcoin ended the east Asian business day at $36,211, according to the CoinDesk Bitcoin Price Index (XBX).
- Japan’s Nikkei 225 index ended the day up 1.4%, while Korea’s KOSPI was flat, Hong Kong’s Hang Sang index was down 1.4%, and Taiwan’s TAIEX was down 0.47%.
- “Bitcoin has been surprisingly quiet today given the turbulence in other asset classes. However, the overnight fall in the markets leading cryptocurrency provides another reminder that Bitcoin is highly correlated to movements in U.S. stock markets. Where the Nasdaq goes, Bitcoin is sure to follow,” said Australia-based market analyst at City Index, Tony Sycamore, in a note to CoinDesk.
- Crypto liquidations on futures exceeded $400 million, according to a prior report from CoinDesk, with bitcoin futures leading at $191 million in liquidations.
- Vast liquidations suggest price movements caught traders by surprise and would be indicative of a bear market.
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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.
Wat u moet weten:
- 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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