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Bitcoin Rally Falters as Price Drops Below $16K
The cryptocurrency dropped as low as $15,750, having hit highs over $16,300 in the Asian trading hours.
Updated Sep 14, 2021, 10:30 a.m. Published Nov 14, 2020, 10:24 a.m.
Bitcoin's price quickly dropped below $16,000 Saturday morning, putting the rapid rally seen in recent weeks on pause.
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- Around 10:00 UTC, the cryptocurrency dropped as low as $15,750, having hit highs over $16,300 in the Asian trading hours.
- As reported earlier this week, analysts had been expecting bitcoin to move into consolidation for a time, and possible to see a pullback.
- That's because the rally from $9,800 to over $16,000 over the past two months looked overstretched on the technical charts.
- They anticipated, however, that the run toward bitcoin's record high of around $20,000 would pick up the pace again, likely in December.
- The bitcoin options market is also extremely bullish longer term, as data showed Thursday that net demand for call options (bullish bets) was outstripping net demand for puts (bearish bets) by the highest level on record.
- At press time, bitcoin prices had risen slightly to $15,860, down 2.87% over 24 hours.
Also read: $300M in Bitcoin Flow to Binance From Huobi as China Gets Tougher on Exchanges
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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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