BitOne Capital | Bitcoin 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.

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 (BTC, -9.91%)’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 scientists 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.

Bitcoin 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.