Crypto at a Glance
It may have been a weekend of landmark moments and celebration, but this week has unfortunately kicked off with Bitcoin setting the wrong kind of records. The leading cryptocurrency yesterday traded within a record-setting $10,877 range – plummeting from its all-time highs above $58,000 set over the weekend. This marks the first time it’s ever traded within a five-figure daily price range.
After a bullish week saw Bitcoin climb to almost $1 trillion market cap, Ethereum hit $2,000, and BNB hit $300, there were double-digit drops for almost all major cryptocurrencies yesterday. Ether was perhaps the worst impacted, plummeting over $500 from its weekend highs. A dramatic flash crash to $700 on Kraken even saw Ether briefly going at half price, with reports blaming the mystery event on a fat-fingered trader accidentally entering a wrong number. Let’s hope it wasn’t a prediction.
Is it traders taking profits after seeing the price of Bitcoin double this year? The market hasn’t seen a pullback this dramatic since early January and with record open interest in the futures markets and the market heavily overleveraged, a retrace was widely expected. About $1.50 billion worth of open interest was liquidated by crypto exchanges yesterday, according to tracker Bybt.com. Corrections are usually a healthy part of the process, although for many joining the space recently, it will still likely be a shock. The question now is whether this is part of a larger correction, or whether we’ll see an immediate rebound as we have with other recent drops?
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In the Markets
The Bitcoin Economy
What bitcoin did yesterday
We closed yesterday, 22 February, 2021, at a price of $54,207.32 – down from $57,539.94 the day before.
The daily high yesterday was $57,533.39 and the daily low was $48,967.57.
This time last year, the price of bitcoin closed the day at $9,663.18. In 2019, it was $4,005.53.
As of today, buying bitcoin has been profitable for…
99.9% of all days since 2013-04-28.
Bitcoin market capitalisation
Bitcoin’s market capitalisation is currently $900,855,654,514, down from $1,050,556,365,611 yesterday. That means it is still the eighth largest asset in the world by market cap, ahead of Tencent in ninth and more than $150 billion bigger than Facebook.
The volume traded over the last 24 hours was $98,418,440,819, up from $55,866,988,049 yesterday. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.
The price volatility of…