Bitcoin Drops Below $8K Amid Crypto Market Slide

Bitcoin's price is back below $8,000, a move that comes amid a broader decline in the global cryptocurrency market. 

AccessTimeIconMar 26, 2018 at 6:10 p.m. UTC
Updated Sep 14, 2021 at 1:54 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Bitcoin's price is back below $8,000, a move that comes amid a broader decline in the global cryptocurrency market.

After opening at nearly $8,500, according to CoinDesk's Bitcoin Price Index (BPI), the price of the world's largest cryptocurrency by market capitalization had fallen more than $500 to 7,876.68 by 17:30 UTC.

As of press time, the cryptocurrency's price was hovering at $7,940.07, per BPI data.

For the month of March, that $8,000 level has proven to be a key battleground on the trading front, having fallen below it several times since February. Technical analysis suggested that a price drop was potentially in the cards, though a 4-hour 50-MA plotted this morning predicted that a decline would not slide below $8,200.

Other cryptocurrency markets are feeling the pressure during Monday's trading session as well. According to CoinMarketCap, the overall market capitalization is at $301 billion.

Additional information published by cryptocurrency information provider OnChainFX shows that all of the top-10 cryptocurrencies by market capitalization are down today.

Bitcoin image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.