Bitcoin Remains Steady Amid Weaker Volume

Bitcoin remains steady, with its 24-hour price in the $8,600-$8,800 range.

AccessTimeIconMar 4, 2020 at 7:39 p.m. UTC
Updated Sep 14, 2021 at 8:16 a.m. UTC

Bitcoin (BTC) 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. 

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.

Trading indicators such as moving averages are trending lower as volumes settle on exchanges such as Coinbase. Source: TradingView
Trading indicators such as moving averages are trending lower as volumes settle on exchanges such as Coinbase. Source: TradingView

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 (DCR) up 5 percent, bitcoin SV (BSV) in the red 8 percent and ethereum classic (ETC), down 7 percent.


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

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

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 to register and buy your pass now.