Bitcoin Trades in Record $11K Daily Range After Dropping From $58K
Bitcoin's average daily range to date in 2021 is $3,765.
Feb 22, 2021 at 11:40 p.m. UTCUpdated Aug 19, 2021 at 7:25 a.m. UTC
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindeskuat/HI32TSCMORHEVH46FOBY2J463I.png)
Bitcoin (BTC) traded within a record-setting $10,877 range Monday after plummeting from its all-time highs above $58,000 set over the weekend. This marks the leading cryptocurrency's first five-figure daily price range.
- Bitcoin dropped from its Monday high of $57,577 on Coinbase to a low of $46,700 before rebounding to pare most of its losses toward the end of the day, trading above $53,500 at last check.
- So far in 2021, bitcoin's average daily price range is $3,765, per market data analyzed by CoinDesk, well below Monday's record range.
- Monday's sharp correction and large range was not a surprise to some analysts. "The market hasn't seen a pullback like this since early January. With this level of leverage in the system, many had considered it to be overdue," said Coin Metrics data scientist Jon Geenty in a private message with CoinDesk.
- "This move can largely be attributed to record open interest in the futures markets and the liquidation that tend to follow," Geenty told CoinDesk.
- Before Monday's correction, FTX CEO Sam Bankman-Fried described the cryptocurrency market as "massively over-leveraged" in an interview with The Block.
- Year to date, bitcoin has gained 83%, continuing its more than 300% rally in 2020.
STORY CONTINUES BELOW
13:18
Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
05:10
Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
04:07
The first video of the year 2024
40:07
The last regression video of the year 3.67.0
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindeskuat/JPPWDHURJZALVH5M5764FNXRMI.png)
:format(webp)/downloads.coindesk.com/arc/failsafe/user/1x1.png)