Bitcoin Drops as Traders Take Profits

This article originally appeared in First Mover, CoinDesk's daily newsletter, putting the latest moves in crypto markets in context.

price movements in crypto markets on Aug. 27, 2024.bitcoin slid under $63,000 on Monday as traders booked profits following a weekend rally in digital asset prices.

BTC dropped 2.4% in the last 24 hours to trade just below $62,500 by early Monday in New York.

The world's largest cryptocurrency by market capitalization has risen over 6% since Friday, but faced resistance at the $64,000 level on Sunday.

CoinDesk 20 Index (24H)CoinDesk

Crypto Markets Today: Bitcoin Pauses at $63K as Traders Book Profits - CoinDesk

CoinDeskbitcoin slipped on Monday as traders booked profits following a weekend rally in digital asset prices.

BTC dropped 2.4% in the last 24 hours to trade just below $62,500 by early Monday in New York.

The world's largest cryptocurrency by market capitalization has risen over 6% since Friday, but faced resistance at the $64,000 level on Sunday.

CoinDesk 24-Hour Chart

CoinDesk 20 Index (24H)CoinDesk

Latest Price Snapshot

CoinDesk 20 Index: 2,004 (-3.5%)

Bitcoin (BTC): $62,471 (-2.4%)

Ether (ETH): $2,632 (-4.1%)

S&P 500: 5,616.84 (-0.3%)

Gold: $2,547 (+1.2%)

Nikkei 225: 38,288.62 (+0.47%)

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Bitcoin slid on Monday as traders booked profits following a weekend rally in digital asset prices.

BTC dropped 2.4% in the last 24 hours to trade just below $62,500 by early Monday in New York.

The world's largest cryptocurrency by market capitalization rose over 6% since Friday, but faced resistance at the $64,000 level on Sunday.

Singapore-based trading desk QCP Capital noted an increase in call spread buying while highlighting the selling of bitcoin calls at the $100,000 level. The strategy suggests a generally bullish mood, but not an explosive move higher in the short term.

“BTC and ETH vols are currently more skewed for puts than calls till Oct,” QCP said in a Telegram broadcast. “This is surprising given the overwhelmingly bullish sentiment. It possibly indicates that the market was well positioned for this move and was quick to profit by selling calls.”

Telegram CEO Pavel Durov could be free as soon early as Wednesday, French prosecutors said. But don't tell that to Polymarket, where bettors are betting on a release in September.

Durov has not yet been formally charged, prosecutors said. Instead, he is being held as part of an investigation that stems from crimes allegedly planned or broadcast on Telegram, including money laundering, drug trafficking, child pornography and non-cooperation with law enforcement.

Bettors say there's a 72% chance he'll be out before October, with shares of the yes side trading at 72 cents. Each share pays out $1 in USDC, a stablecoin, if the prediction comes true, and $0 if it does not.

Bankrupt crypto lender Celsius' administrator has distributed more than $2.53 billion to some 251,000 creditors, it said in its first status report on the payouts.

The disbursements cover roughly two-thirds of all eligible creditors of the crypto lender by number and about 93% of the eligible value. Another 121,000 eligible creditors with an average distribution of around $1,500 have yet to successfully claim their distributions.

“Approximately 64,000 of these remaining creditors have a distribution of less than $100, and approximately 41,000 more have a distribution of between $100 and $1,000,” the filing said. “Given the small amounts at issue for many of these creditors, they may not be incentivized to take the steps needed to successfully claim a distribution.”

Chart of the Day: BTC Price Pauses at $63K as Traders Book Profits - CoinDesk

CoinDeskbitcoin price fell on Monday as traders booked profits following a weekend rally in digital asset prices.

BTC dropped 2.4% in the last 24 hours to trade just below $62,500 by early Monday in New York.

The world's largest cryptocurrency by market capitalization rose over