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.
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.