Bitcoin
$ 10,470
Ethereum
$ 340.74
Litecoin
$ 43.74




Bitcoin Taps $8,000 as Violent Sell-Off Rocks S&P 500 Futures & Oil

Bitcoin Taps $8,000 as Violent Sell-Off Rocks S&P 500 Futures & Oil


It seems that bulls can’t catch a break. Bitcoin just minutes ago tapped $8,000 (per data from TradingView), bringing its 36-hour performance to a dismal -13%, having peaked at $9,200 on Saturday.

This latest leg lower comes after the cryptocurrency attempted to stabilize above $8,300 ahead of the weekly close, though this was done to no avail.

Bitcoin’s brutal drop comes as global markets have entered a period of dramatic volatility, or what some would say is chaos.

Case in point: ahead of Monday’s open, the futures of global equities are looking extremely bearish; crude oil futures are down 30%, gold is up to $1,700, the Dow Jones and S&P 500 futures are looking poised to open 5% down when Monday morning rolls around.

It appears that there’s a global crunch in all assets, save for gold and Treasuries, which are appreciating as fears of a recession (and potentially something wore) roll over markets.

Bitcoin At Key Level

With this move, Bitcoin has entered key bounce territory; analyst CryptoHamster noted that with the recent move lower, the price of the leading cryptocurrency has tapped the bottom of a descending channel the asset has traded in since the $10,600 peak seen in mid-February. The cryptocurrency falling below the support could open the door for a stronger drop.

Featured Image from Shutterstock





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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin10,470 0.07 % 1.54 % 1.80 %
Ethereum340.74 0.21 % 3.61 % 9.47 %
Tether0.9984 0.13 % 0.12 % 0.07 %
XRP0.2323 0.11 % 2.24 % 5.63 %
Bitcoin Cash214.48 0.04 % 1.21 % 4.88 %
Polkadot4.050 0.23 % 3.71 % 24.22 %
Binance Coin24.08 0.63 % 0.55 % 22.87 %
Chainlink8.890 0.45 % 0.17 % 26.69 %
Crypto.com Coin0.1520 0.04 % 2.26 % 9.84 %
Litecoin43.74 0.06 % 2.35 % 10.76 %