Bitcoin used to show little correlation with traditional assets, but the worst day for the US and European stock markets in three decades turned into one of the worst days for the crypto space.
Bitcoin Plummets to $3,858 on Coinbase
On Friday morning, many crypto exchanges saw Bitcoin tumbling to a daily low at around $3,800, after which it quickly returned to above $4,000. On Coinbase, the king of crypto hit a daily low at $3,858, while on Bitfinex it stopped at $4,001. The last time when BTC was trading below $4,000 was in April 2019, so the cryptocurrency touched the lowest level in almost a year.
This is by far one of the worst weeks for Bitcoin. Since Monday, it has lost 53% to its recent bottom. Last Friday, it traded above $9,100, and has lost 58% since then.
However, most of the pain came yesterday, when bears tested one support level after another. Initially, Bitcoin fell to around $7,500, which was a strong support line of an uptrend that started to form in April last year. Once it broke below it, the price plummeted and ignored any logic. Bulls were crashed and the updating lows imposed traders to close their positions en masse, which fueled the panic.
Panic has been the norm this week not only for the crypto market. The stock markets also crashed to multi-year lows, with US and European indexes experiencing their worst declines in over 30 years. The trigger point of all this economic horror is the coronavirus outbreak that started in China and spread to Europe, South Korea, Iran, and other regions. The price war between Saudi Arabia and Russia has also had an impact, as oil prices crashed 30% on Monday, which was the biggest single-day decline since the Gulf War in 1991.
The crypto market couldn’t remain indifferent to the economic shock and has lost half of its value this week, falling to below $140 billion. It has lost over $90 billion in the last 24 alone.
What’s Next for the Crypto Space?
Bitcoin has never ceased to surprise us, even though it had previously shown wild spasms of volatility here and there. Giving a short-term prediction in such circumstances is ridiculous, but the coin should eventually revive when or if the global economy gets back on track.
Yesterday, BitMEX CEO Arthur Hayes said that he didn’t believe that Bitcoin would revisit the $3,000 territory and that the “max pain probably resides somewhere between $6,000 to $7,000.” Well, no one believed it but that just happened. Bears have been too strong. Bitcoin’s daily trading volume surged to new historic highs on Coinmarketcap, almost touching $69 billion.
bitcoin chart
Nevertheless, crypto enthusiasts haven’t lost their hope. Many Bitcoiners expect the market to return to growth.
No, Bitcoin as a store of value isn’t dead just because it had a super shitty day. No, Ethereum and defi aren’t dead just because they had a super shitty day. In the coming months the world will see what anti-fragile means.
— Erik Voorhees (@ErikVoorhees) March 13, 2020
The only major asset that could resist to this madness was gold, which has lost only 5% last week. That would delight Peter Schiff, but only for now.
Where do you think Bitcoin is heading to next? Share your expectations in the comments section!
Image via Shutterstock, Twitter @ErikVoorhees origin »
Although Bitcoin (BTC) managed to recover most of its losses over the weekend after tumbling as low as $78,258 on February 28, the premier cryptocurrency has created a massive new Chicago Mercantile Exchange (CME) gap, raising concerns that the digital asset may witness another pullback to the low $80,000 level. Bitcoin Not Out Of The […]
Bitcoin exchange reserves hit a 6-year low as $2.7B in outflows and ETF milestones reflect rising investor confidence.
The post Bitcoin reserves on exchanges reach a 6-year low appeared first on Crypto Briefing.
Quick Take The Bitcoin market is witnessing an intriguing phase of liquidity transformation. The liquid supply, representing the traded Bitcoin, has dwindled to 1,295 million Bitcoin – a record low unseen since 2012.
Quick Take The balance of Bitcoin on exchanges has recently plummeted to a new record low for the year, with just 2. 291 million BTC on exchanges. Data reveals that this figure is reminiscent of levels last observed in March 2018, marking a significant shift in the distribution of the cryptocurrency.
Monthly trade volume for both assets stayed muted over much of Q2 and July thus far.
BTC and ETH deposits to exchanges have been on a downward spiral for weeks.
The ongoing quiet in the crypThe post Bitcoin, Ethereum volatility plunges to 2-year low appeared first on AMBCrypto.
Key Takeaways Bitcoin’s correlation with gold is at a two-year low Divergence highlights yet again that Bitcoin remains a risk-on asset This may change in the future, but for now, Bitcoin resides on the long-end of the risk spectrum With full effects of tight monetary policy still to come, market should not get ahead of […]
The post Bitcoin’s correlation with gold sinks to two-year low, a warning for investors appeared first on CoinJournal.
Quick Take For the first time, the Bitcoin network has dropped below 300 g/KWh emissions, according to Daniel Batten, a Bitcoin ESG analyst. Daniel Batten states this is an “all-time low”; it took just over three years for Bitcoin to half its emission intensity.
According to on-chain data from CryptoQuant, a blockchain analytics platform, the Bitcoin supply in loss with the seven-day moving average stands at 32%, a nine-month low. This is the lowest level since April 2022, when the Bitcoin price was changing hands at the $40,000 range.
Bitcoin trends lower moving towards the bottom of a range created in July when the cryptocurrency scored a multi-year low at $17,600. Now, BTC seems poised for further losses on low timeframes as macro forces remain in control of global markets.
Since hitting an all-time high of $69,000 in November 2021, the price of Bitcoin has been declining. The current decline resulted in a low of $17,622 in June. A long lower wick was produced by the subsequent bounce.
Many other crypto assets have tumbled as Bitcoin struggles to hold momentum. Bitcoin Slides Further The Bitcoin bleed continues. The top crypto asset recorded a 10-month low Monday afternoon, trading...
Bitcoin has risen above $42,000 following an Easters dip that briefly sent it down to $38,500. That’s still a higher low since January 24th as the crypto attempts to recover...
Following Wednesday’s downturn in Bitcoin, a continuation of selling dipped the price as low as $41,000 today.
The post Bitcoin sinks to 14 week low, but some analysts say $100,000 in 2022 is still on appeared first on CryptoSlate.
According to data from Google Trends, the search frequency for the phrase "Bitcoin" has fallen to a 9-month low. Moreover, the long-term chart suggests that the current bull market has not even broken through the peak of the previous cycle in late 2017.
Bitcoin has bounced considerably since the lows, drawing comparisons to the recovery that transpired on March 2020.
The post Bitcoin Reclaims $36,000 After Falling to a Low of $30,000 appeared first on BeInCrypto.
Bitcoin’s value against the US dollar reached its lowest level since February 8, when…
The post Bitcoin sinks below $40k to hit 14-week low on bloody Wednesday appeared first on Coin Journal.
Continuing from yesterday’s losses, Bitcoin is back on a decline today. Going as low as $17,640, there has been a difference of $10 to $50 in BTC prices on different cryptocurrency exchanges. “We reached the current level for BTCUSD on November 18th and have consolidated to the point where the middle band has caught up […]
The post Bitcoin Drops Under ,000, How Low Can We Go? first appeared on BitcoinExchangeGuide.
According to one metric, bitcoin’s 30-day volatility has hit a near-record low, recording a standard deviation of only 0. 85%. The last time the alpha crypto was this stable was in Jan 2013 and April 2016, before it went on unprecedented runs to achieve several 1000% gains, all in the space of a year (or two).
The number of bitcoin held on exchanges has touched a 12-month low, as bitcoin exchange balances have reached levels not seen since June 2019. According to onchain statistics, there’s more than 2.
Onchain data shows that bitcoin miners are hoarding despite the 50% loss in revenue that started on May 11, during the third reward halving. The seven-day average of bitcoin miners’ outflow volume and mining funds sent to exchanges remains significantly low.
Bitcoin is currently correcting higher from the $8,813 swing low against the US Dollar. BTC is trading above $9,000, but it is facing many hurdles near $9,200 and $9,300. Bitcoin started an upside correction after trading to a new monthly low at $8,813.
Bitcoin is trading inside a tight range with its 10-day realized volatility dropping to a year-to-date low of 30 percent. Several analysts point to a lackluster sentiment in the market as Bitcoin repeatedly fails to continue its uptrend beyond $10,000.
Bitcoin's price has been struggling to surpass the $10k resistance for a long time now, with every brief breach followed by a dip in the charts. This has been the case over the past few weeks; howeverThe post Bitcoin search volumes on Baidu hit new monthly low appeared first on AMBCrypto.
In yet another sudden drop in prices, Bitcoin tanked hard, going as low as $7,685 last week, a level last seen in early January. From a 2020 high of above $10,500 on Feb. 13, bitcoin has crashed nearly 27% in value.
The retail interest in Bitcoin has been low, but now it has plunged to never seen levels. Twitter mentions that have been considered a weighting tool to determine retail investors in Bitcoin has hit an all-time low level.
After a powerful parabolic rally in the second quarter of 2019, Bitcoin price is struggling to maintain the bullish momentum the crypto asset once had behind it and is currently consolidating in a tightening triangle formation.
Bitcoin's share of the total crypto market cap has fallen to its lowest level since Christmas Eve. It could mark the beginning of a new 'Alt season.'
The post Bitcoin Dominance Falls To Three-Month Low appeared first on Crypto Briefing.
Bitcoin price recovering, may clear $6,000 Jihan Wu, the former CEO of Bitmain is a billionaire Transactional volumes low, must spike above 440k countering Q4 losses With newfound financial weight, Jihan Wu can now move towards achieving his goals.
In the last 24 hours, the prices of major crypto assets have fallen by more than 5 percent as the Bitcoin price declined by around 2 percent. In consideration of the pattern of BTC since early January of achieving lower highs across four consecutive weeks, some traders expect Bitcoin to test its 12-month low.
A few hours ago Bitcoin revisited its lowest level in 2018. After a week of down trending and failure to break key resistance levels this latest plunge comes as no surprise. Bitcoin Revisits 2018 Low With a 5% slide Bitcoin dumped from $3,450 down to $3,284 during intraday trading.
Bitcoin on Sunday has established another yearly low after extending its previous downside momentum. At press time, the BTC/USD pair is trading at 3823 on Coinbase after correcting from its intraday low at 3466.
Bitcoin price fell through $4,000 support to reach a 14 month low not seen since September 2017, losing 30% in the past week alone. Bitcoin Must Be Dead Now, Surely Bitcoin price has taken quite a beating in the past weeks as more people are asking if this time is different and if it will ever recover.
Stock “Market Maven,” CEO, and author Clem Chambers believes Google Trends statistics for the search term “Bitcoin” are telling us that the worst is over for Bitcoin investors. But, that’s no good if you are waiting for the new low before you buy.
Crypto merchant-processing services are receiving less bitcoin than before. Volatility, transaction fees, and an inability to reverse transactions have been cited as the reasons why. Leading crypto merchant-processing services are receiving less bitcoin.
Despite being on the rebound from a previous downward slip, rising from $7,000 to $7,500 over late July and early August, its value has once again fallen below the $7,000 mark and reached a daily low of $6,940.
California State Senator Ben Allen is eyeing further pro-crypto representation with an endorsement of Dom Bei for election to the board of California’s public pension fund. Bei is the founder of Proof of Workforce, a Bitcoin (BTC) non-profit focused on…
Even with Bitcoin’s recent plummet into the low $80k range, the market has displayed an extraordinary recovery, especially concerning the realization of losses at its zenith. The most recent tools for on-chain analytics have been employed to gauge just how much in the way of losses Bitcoin holders have written off during this fresh round [...]
Base, the layer-2 network by Coinbase, could dominate the decentralized finance and consumer applications market starting in the second quarter, according to blockchain analytics firm Nansen. Nansen’s latest report highlights on-chain activity, robust metrics, and a growing user base as…
Cantor Fitzgerald, a leading financial services firm based in the United States, has picked Anchorage Digital and Copper.co as launch partners for its soon-to-launch Bitcoin financing business. Cantor, whose product and service suite includes investment banking, asset management, capital markets,…
Blockchain analytics tool Bubblemaps has concluded its Token Generation Event for its native token BMT with 13,500% oversubscription. On March 11, Bubblemaps (BMT) concluded its TGE for its BMT token, which was hosted on Binance Wallet. The project intended to…
Weekly flows for spot Bitcoin ETFs remained negative for the fourth consecutive week as macroeconomic factors continued to weigh heavily on investor sentiment. According to data from SoSoValue, the 12 spot Bitcoin ETFs recorded another week of outflows from March…
Bitcoin price volatility, shifting narratives in crypto and U. S. President Trump’s executive orders have shaken down the cryptocurrency ecosystem in less than 50 days of his administration. Crypto.
