Cryptocurrency prices were sharply lower Monday with the No. 1 digital currency trading to its lowest level is more than a week.
A single bitcoin BTCUSD, -5.92% last traded at $8,044.11, down 4.8% on the day, and well off its overnight high of $8,489.61. Monday’s intraday low of $8,031.59 is the lowest level seen since March 18, according to news and research desk.
As equity volatility rises, bitcoin’s subsides
Despite the surging volatility in the equity sector, bitcoin is coming off its quietest week in a long time. Last week’s range in the Cboe Bitcon April contract XBTJ8, -6.22% of $8,100 to $9,190 was the lowest range since the contract listed in late January, according to the Chicago Board Options Exchange.
”Looking at previous high-to-low weekly ranges using the April contract, the average move has been 22.5%. The largest weekly range was the week of Jan. 29 – Feb. 2 when futures moved 34.25%,” said Kevin Davitt, senior instructor at the Cboe.
Steep losses across the board
Bitcoins fall has been dwarfed by other digital currencies. Ether is off 7.4% at $485.70, Bitcoin cash is down 5.4% at $914.92, Litecoin is on its session lows at $150.60, down 6.1% and Ripple is back at 60 cents, lower by 7% on the day.
Futures markets are sharply lower with the Cboe Global Markets April contract down 5.8% at $8,110 and the CME Group Inc BTCH8, -9.17% March contract off 6% at $8,095.