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Crypto news: BTC weekend selloff sparks fears for US market open

By Daniela Ešnerová


Golden bitcoin coin with market data in red in the background.
Bitcoin is indicating another rough week for risk assets, according to one expert – Photo: Shutterstock

Bitcoin (BTC) was trading around the $38,000 mark in Europe this morning, down $5,000 week-on-week and 16% down from its recent high recorded in mid-February.

The reversal of last week’s BTC rally points to the failure of its attempt to decouple from risky equities.

Further, some market watchers warn that the cryptocurrency downturn may signal risk-off sentiment ahead of the US market open. “Bitcoin is indicating another rough week for risk assets,” Bloomberg Intelligence analyst Mike McGlone wrote. He added that BTC could “revisit $30,000”.

Elsewhere, founder and CEO of CustodiaBank, Caitlin Long, wrote: “Margin call time…looks like it’s hitting all markets. Crypto trades 24/7/365, and it’s a ‘sell the easiest to sell assets first’ kind of trading day.”

Other crypto news:

Developer of Fantom (FTM), Anton Nell, and Yearn Finance (YFI) founder, Andre Cronje, announced they would leave the cryptocurrency and decentralised finance (DeFi) sector, quitting a raft of projects: “Andre and I have decided that we are closing the chapter of contributing to the defi/crypto space. There are around 25 applications and services that we are terminating on 03 April 2022,” Nell wrote on Twitter. 


0.14 Price
-2.100% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872


67,393.80 Price
-0.450% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00


180.72 Price
-1.350% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652


3,491.41 Price
-0.180% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

“Unlike previous ‘building in defi sucks’ rage quits, this is not a knee jerk reaction to the hate received from releasing a project, but a decision that has been coming for a while now. Thanks [sic] you to everyone that supported us over the past few years,” he added.

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Chart of the day: As Russia/Ukraine conflict intensifies, gold ‘stored value’ and BTC did not

BTC fell short in the latest episode of the ongoing debate as to whether bitcoin is a safe haven asset, recording a sharp drop as the Russia/Ukraine conflict intensifies. Meanwhile, gold as a store of value, held steady.

Chart representing performance of BTC, gold, equities over last five days.Gold was a safe haven over the last five days, while BTC plunged – Credit: TradingView

Top cryptocurrency coins by market capitalisation

As of 10:30 UTC:

Markets in this article

Binance Coin / USD
602.70 USD
-2.91 -0.490%
Binance Coin / USD
602.70 USD
-2.91 -0.490%
Bitcoin / USD
67393.80 USD
-306.1 -0.450%
Ethereum / USD
3491.41 USD
-6.33 -0.180%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

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