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Bitcoin Remains Steady Amid Weaker Volume
Bitcoin remains steady, with its 24-hour price in the $8,600-$8,800 range.
Updated Apr 10, 2024, 2:08 a.m. Published Mar 4, 2020, 7:39 p.m.
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Bitcoin is staying steady, with the 24-hour price remaining in the $8,600-$8,800 range as of 18:00 UTC (1 p.m. EST). Over the past 24 hours, the price rose a mere 0.07 percent.
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The surprise U.S. Federal Reserve rate cut Tuesday corresponded with a spike in positive cryptocurrency trading, with a jump of 1,699 trades in one hour on Coinbase. However, bitcoin’s 10-day moving average crossed below the 50-day average at around 12:00 a.m. UTC, falling even though Tuesday’s trading action pushed prices back up into the $8,800 range.
The subsequent holding pattern for bitcoin prices can be attributed to jittery trading sentiment related to coronavirus fears, according to Alex Mashinsky, chief executive of cryptocurrency lender Celsius.
"Recent volatility in crypto markets has been driven by speculators responding to the virus, liquidating and withdrawing their cash or going long on margin. This group is a small part of the crypto community, but they continue to wield an outsized effect on prices,” said Mashinsky.
The U.S. central bank rate cut, an emergency measure taken because of concerns about the coronavirus possibly slowing the economy, did not initially help the S&P 500 Index. It was down 2.81 percent at Tuesday’s close. It rebounded toward the middle of trading on Wednesday.
Bitcoin has stayed below the $9,000 level since it dropped 7 percent on Feb. 26. However, prices remain positive for 2020, up 21 percent compared to the S&P 500’s decline of 5 percent.
Other notable movers in the cryptocurrency markets include decred up 5 percent, bitcoin SV (BSV) in the red 8 percent and ethereum classic (ETC), down 7 percent.
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Bitcoin tumbles to 2026 low of $85,200 as gold reverses big gains, Microsoft leads Nasdaq lower
Soaring to $5,600 at one point earlier on Thursday, gold quickly pulled back to below the $5,200 level in U.S. morning trade.
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- Already sitting on overnight losses, bitcoin's decline accelerated in U.S. morning trade, with the price falling back to $85,200, a new low for 2026.
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- The Nasdaq was also sharply lower, falling 1.5%, as Microsoft declined more than 11% following its fourth-quarter earnings report.
