Bitcoin (BTC) fell 5.58% in the last few hours and is currently trading at $29,500 after the daily candle close.
- The move mimicked the price action on June 1 when the world's largest cryptocurrency tumbled from $32,000 to below $30,000.
- Despite the drop, bitcoin remains in a relatively tight trading range of $32,000 to $28,000, with price rarely deviating since early May.
- The lack of volatility has translated to a slight decline in trading volume, with bitcoin rarely exceeding $30 billion in daily volume.
- More than $218 million worth of positions on derivative exchanges have been liquidated in the past 24 hours, according to Coinglass.
- The cryptocurrency once again showed positive correlation to equities during the sell-off, as Nasdaq futures experienced a 0.95% decline at the same time as bitcoin's plunge from $31,600 to $29,000.
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.