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Bitcoin Trades in Record $11K Daily Range After Dropping From $58K
Bitcoin's average daily range to date in 2021 is $3,765.
By Zack Voell
Updated Sep 14, 2021, 12:15 p.m. Published Feb 22, 2021, 11:40 p.m.
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.
STORY CONTINUES BELOW
- 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.
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Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
需要了解的:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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