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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. UTC
Updated Sep 14, 2021 at 12:15 p.m. UTC

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.

Bitcoin's daily range on Feb. 22, 2020 on Coinbase

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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