Bitcoin’s price fell below $47K on Coinbase before swinging back above $53K
The price of bitcoin fell sharply below $50,000 before recovering during Monday morning’s trading session.
The dive began after 9 a.m. ET, with the steep fall occurring around 9:15 a.m. ET. Data from Coinbase indicates that the price of bitcoin hit a low of $46,616 on the U.S.-based crypto exchange.
The price has since recovered, and at press time bitcoin is trading hands at above $53,000 on Coinbase.
In a similar movement, the price of ETH, Ethereum’s native cryptocurrency, tumbled to $1,507 on Coinbase before recovering. ETH is trading at about $1,760.
As The Block reported earlier Monday, significant liquidations of derivatives positions in the last 24 hours took place amid bitcoin’s fall from $58,500. About $1.5 billion worth of open interest was liquidated by crypto exchanges during the period, according to tracker Bybt.com.
The crypto futures market was “massively over-leveraged,” FTX CEO Sam Bankman-Fried told The Block last week. If such level of activity in the market continues, multi-billion-dollar liquidation days will become the new norm, Bitfiex CTO Paolo Ardoino told The Block at the time.
© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: Yogita Khatri
