Bitcoin dropped about 1.1% over the last 24 hours, ether fell 1.7% and the broader CoinDesk 20 (CD20) Index lost roughly 1.6%, pulled lower by declines in Asian stocks and the rising price of oil.
Further weakness in equities could damp demand, analysts at QCP Capital wrote in a note published Monday. That may be on the cards. Both Nasdaq 100 futures and S&P 500 futures are lower, with companies including Coinbase Global and Galaxy Digital falling in pre-market trading.
“Broader equity deleveraging dynamics could transmit to cryptocurrency markets and potentially threaten the $80,000 support level if sustained,” the analsysts wrote.
For the time being, the bitcoin price remains above that level after demand for the largest cryptocurrency picked up on Monday, as illustrated by the spot U.S. bitcoin ETFs. The funds posted their biggest net inflows in a month and BlackRock’s IBIT…
