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

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Bitcoin prices 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.

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 to take profits. 

Related: Attention Kraken Shoppers! Ether Was Half Off at $700 During Monday’s Crypto Sale

Most of these bitcoin exchange inflows went to the U.S.-based Gemini, according to blockchain analytics firm CryptoQuant, indicating that the correction could be mostly led by investors and traders in the U.S.

Another indicator provided by CryptoQuant, the “Coinbase premium,” which tracks the gap between Coinbase Pro’s
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