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Bitcoin Slides to 3-Month Low to Below $34K
Digital-asset analysts warned late last week that price-chart trends had turned bearish for the largest cryptocurrency.
Updated May 11, 2023, 4:35 p.m. Published May 8, 2022, 6:53 p.m.
Bitcoin (BTC) fell to a three-month low Sunday, days after crypto analysts warned that price charts were sending bearish signals.
- The bitcoin price was around $34,500 as of press time, down 3.8% over the past 24 hours.
- BTC price has fallen for four straight days.
- Early Sunday, the largest cryptocurrency slid to $33,710, the lowest since Jan. 24.
- If the price falls below $32,951, it would hit a new low since last July.
- Bitcoin had stayed mostly between $35,000 and $46,000 for the past couple months, and so the latest price decline might mark the beginning of a new trend.
- Popular price-chart indicators were leaning bearish late last week, as bitcoin's price broke below a three-month rising trend line.
- A U.S. Labor Department report on Friday showed that employment growth stayed robust last month at a level that should continue to worry the Federal Reserve about a tight jobs market. As more employers compete for workers, wages might start to escalate, adding to inflationary pressures and forcing the Fed to tighten monetary conditions faster. Recently, bitcoin has reacted negatively along with stocks to more aggressive actions by the U.S. central bank.
- Some traders may have been rattled by data showing that the Terra blockchain's stablecoin, UST, briefly lost its peg on Saturday. The Luna Foundation Guard, which maintains a standby reserve that kicks in if the "algorithmic stablecoin" falls below $1, held about $3 billion of bitcoin as of last week.
- Bitcoin's all-time high reached last November was almost $69,000, and so a price drop below $34,500 represents a correction of more than 50%.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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What to know:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
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