Bitcoin fell below $6,000 for the second time in a week Friday, June 29, the day CME Group's Bitcoin futures end their last day of trading for the month.
Data from Cointelegraph's price index and Coin360.io show Bitcoin continuing a trend of declines in the run-up to futures expiration dates.
At press time Friday, BTC/USD is trading around $5,850, down 4.4 percent on the day, while signalling monthly losses of over 20 percent.
Together with a brief period in early February when BTC's price neared $6K, this week's sub-$6,000 Bitcoin prices - the last one before today occuring Sunday, June 24 - mark the third occasion that the price barrier has been breached in 2018.
The effect of futures trading periods on Bitcoin has meanwhile become an increasingly convincing metric for measuring market sentiment.
Earlier this month, Fundstrat Global Advisors' Tom Lee, known for his bullish stance on Bitcoin's future price, argued that similar deadlines for CBOE's futures had suppressed price growth.
In May, the Federal Reserve Bank of San Francisco released an Economic Letter suggesting that Bitcoin's decline since its $20,000 peak in December was the result of the launch of Bitcoin futures trading.
Social media commentators identified further trends, suspecting banks' involvement in futures as the main culprit behind Bitcoin's failure to grow higher.
CME trading Uranium futures produced similar behavior in the sector, one Twitter user noted.
More broadly sources remain at odds over Bitcoin prices.
Bitcoin Price Sees Second Dip Below $6K This Year as CME Futures Expire
에 게시 됨 Jun 29, 2018
by Cointele | 에 게시 됨 Coinage
Coinage
이 기사에서 언급
최근 뉴스
모두보기
First Mover: What's Next for Bitcoin as Wall Street Gets Vaccine Booster
Bitcoin was higher for a second day, staying in a range of between roughly $15,200 and $15,600, as news of progress in developing a coronavirus vaccine appeared to touch off a rally in U.S. stocks.
Market Wrap: Bitcoin Fails to Break $15.9K; Over 50K ETH Staked on Eth 2.0 Contract
Bitcoin gained Wednesday while Ethereum 2.0 staking has been ramping up.
Citibank Analyst Says Bitcoin Could Pass $300K by December 2021
A senior analyst at U.S.-based financial giant Citibank has penned a report drawing on similarities between the 1970s gold market and bitcoin.
Blockchain Bites: Data Unions. Hard Forks. And One Citi Analyst's Case for $300K BTC.
A Citibank managing director thinks bitcoin could hit $318,000.