Bitcoin Drops Below $8K, Stocks See Volatility Amid Global Trade Tensions

Tuesday, June 4 - virtually all of the top cryptocurrencies are today seeing deep red in a market-wide correction, with bitcoin dropping back below the $8,000 price point, as Coin360 data shows.

Having bullishly broken through the psychological price point of $9,000 at the end of May, bitcoin has gradually corrected downwards in subsequent days.

Largest altcoin by market cap ether has seen a loss of 6.36% on the day to press time to trade around $247. Ether has today correlated with bitcoin's price tumble, losing value during very early trading hours.

XRP has reported a 7% loss on the day to trade at $0.41 by press time.

Among the top ten cryptocurrencies at press time, all are in the red except for eighth-largest coin bitcoin sv, which has reported a 3% gain on the day to trade around $221. The highest 24-hour loss has been reported by 6th largest crypto eos, which is down 9.36% to trade at $6.70 by press time.

Bitcoin cash, litecoin and stellar are all down between 7-8% on the day.

18th largest coin tezos has seen the highest loss, down 10.25% to trade at $1.31 by press time.

According to data released by the United States Commodity Futures Trading Commission yesterday, the number of open contracts for the Chicago Mercantile Exchange's bitcoin futures ostensibly hit at an all-time high for the week from May 27 to June 3.

Analytics firm Delphi Digital has meanwhile argued that bitcoin has been outperforming weaker traditional risk assets, with the latter seeing selling pressure amid waning sentiment for economic growth in 2019 and United States-China trade tensions.

Yesterday, St. Louis Federal Reserve president James Bullard revealed that a U.S. interest rate cut "May be warranted soon" in light of the risks to economic growth presented by international trade feuds as well as weak domestic inflation.