Bitcoin Falls Below $80,000 as Market Volatility Increases
Bitcoin fell below $80,000, marking a more than 20% decline in February. This drop impacted the broader crypto market, with ether dropping below $2,100.
Key points include:
- Increased volatility in crypto mirrors traditional markets, with a 10% rise in the Volmex BVIV and MOVE index.
- Concerns over potential Trump tariffs are driving investors towards lower-volatility assets.
- SEC dropped charges against Uniswap, indicating a shift in regulatory approach.
- Technical analysis suggests Bitcoin is nearing a demand zone as futures basis declines.
- March events to watch include the launch of Arkham Exchange in U.S. states and Ethereum's Pectra hard fork upgrade.
Current market movements are:
- BTC down 3.3% at $80,552.45
- ETH down 4.62% at $2,135.58
- CoinDesk 20 down 4.63% at $2,821.02
Derivatives positioning shows negative funding rates for TRX and TRON as bearish sentiment grows. Bitcoin options indicate a 44% chance BTC could settle below $80K by June.
In macroeconomic updates, personal consumption data is set for release on Feb. 28, while global manufacturing data will be available on March 2.
Token unlocks are scheduled for several projects including DYdX and Sui on March 1.