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:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/QO63KEBB4ZCK7ODNBCRSWMBVVE.png)
:format(webp)/downloads.coindesk.com/arc/failsafe/user/1x1.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.
Bitcoin's daily range on Feb. 22, 2020 on Coinbase
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
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. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/CE2XJQ3WWZEA5GO54YXY4EBCTY.jpg)
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/PFTJB3CBBZCGPEUSNCEZ7F3Z7U.jpg)
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/CKUMBLQ4INCDTLTZM2ULZRJLWM.jpg)
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/GW4T4GX7UJBXFHPH2PKSAW3LBU.jpg)