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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq
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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

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

Nick Chong
Nick Chong
1 year ago
1 min read
crypto bitcoin tidbits

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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.

The channel support test. #bitcoin $BTC $BTCUSD pic.twitter.com/wBLLRdGYz2

— CryptoHamster (@CryptoHamsterIO) March 8, 2020

Featured Image from Shutterstock
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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