Market Wrap: Bitcoin Stabilizes After Margin Calls Fuel Biggest Plunge in Month – Coindesk

Market Wrap: Bitcoin Stabilizes After Margin Calls Fuel Biggest Plunge in Month – Coindesk

Bitcoin (BTC) price plunged as much as 19% in a violent sell-off Monday, the biggest of the year in dollar terms with a loss of more than $10,000, before quickly recovering and settling around $54,000.

  • Bitcoin trading around $53,884.35 as of 21:00 UTC (4 p.m. ET). Slipping 6.45% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $47,780.75-$47,943.85 (CoinDesk 20)
  • BTC trades between its 10-hour and 50-hour averages on the hourly chart, a sideways signal for market technicians.

Bitcoin trading on Bitstamp since Feb. 15.
Source: TradingView

The day’s price swings came on strong volume across major exchanges Bitfinex, Bitflyer, Bitstamp, Coinbase, Gemini, ItBit, Kraken and Poloniex. The volume spiked to above $8 billion, the highest levels in almost two weeks. For comparison, the figure was about $5.8 billion on Friday.

As CoinDesk reported earlier, blockchain data showed billions of dollars of bitcoin being transferred onto exchanges on Sunday, as this year’s doubling in prices to levels above $58,000 apparently motivated some traders
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