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Bitcoin Falls below $8,000 Psychological Support Level


May 23 2018, Updated 8:14 a.m. ET

Choppy markets for cryptocurrencies

Bitcoin slumped on May 23 and was trading at $7,873 as of 6:00 AM EST, below the psychological support level of $8,000. It has fallen about 5% over the last 24 hours, and its market cap is also down to $134 billion. This price is the lowest that bitcoin has seen in the past 35 days. It had climbed to the $10,000 mark on May 6. The volatility in bitcoin is also down to 39.5%, and its RSI level at 37.8.

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Ethereum, ripple, bitcoin cash, EOS, and litecoin, other top cryptocurrencies, have also dropped 10.2%, 8.1%, 11.1%, 11.6%, and 6.7%, respectively, in the last 24 hours. Most of the top cryptocurrencies are trading at their one-month low prices. With the drop in bitcoin, the Bitcoin Investment Trust (GBTC) was also down about 3.9% at the close of May 22. There are chances that it could further react negatively to the slump in cryptocurrencies. The RSI level for GBTC was at 41.6. Overstock (OSTK) and Square (SQ), stocks associated with cryptocurrencies, also fell 2.8% and 3.1%, respectively.

Mostly in the red

During the last five months, the valuation of the cryptocurrency market has fallen more than 55% from $829 billion to $372 billion. The dominance of bitcoin is now at 39%.

The only three cryptocurrencies that managed marginal gains were zenCash, bitcoinPrivate, and tether. These stocks were up 10.3%, 4.5%, and 0.41%, respectively. The worst performers were nebulas, bitcoin diamond, verge, and wanchain, which have fallen 17.9%, 17.7%, 16.9%, and 16.6%, respectively.

The CFTC (Commodity Futures Trading Commission) released new guidance on Monday that could help other trading platforms that are interested in listing bitcoin futures and other cryptocurrency derivatives products. The crypto futures trading market will be required to enhance its oversight of trade activity and work more closely with federal regulators.


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