Crypto markets fell over the weekend, with the bitcoin price down almost 10% in the past 24 hours to reach a low of $ 7,774. A Bitcoin is now worth $ 7,890.
The price movement came at the end of a week of gains for the cryptocurrency, which were wiped out suddenly – as well as all of Bitcoin’s gains for February, bringing its market capitalization to 143.6 billion. dollars. Overall, the price of Bitcoin has dropped more than 24% from its February peak of $ 10,393. But the most worrying is the lack of trading volume.
The volume of bitcoin trading has dried up completely, according to research. Figures Arcane Search (provided by crypto exchange Luno) show that the daily volume of the Chicago Mercantile Exchange (CME) Bitcoin fell to less than $ 90 million on Wednesday and Friday last week, the lowest daily volume in three months.
Open interest – the amount of pending trades occurring – fell to around $ 200 million, down from $ 350 million two weeks earlier.
Investors are likely to face the haemorrhage of traditional markets, which saw the FTSE 100 fall more than 8% and oil prices fall 20% earlier today, the worst day since the financial crisis.
Other cryptocurrencies were not spared from the bloodshed, with Ethereum crashing 11% to its current value of $ 203, with Litecoin dropping nearly 14% to $ 50.14, and the XRP lost 9% to reach $ 0.21.
It may not be surprising, then, that the Fear & Greed index dropped with the price, and has now dropped to 17, an “Extreme Fear” rating that has not been seen since December 2019. But despite his faithful mantra, not even that will convince the billionaire investor Warren Buffett to get involved.
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