Bitcoin faced an extremely steep correction on Sunday and Monday after last week’s surge to new all-time highs. The cryptocurrency fell as low as $30,000 after peaking at $42,000 last week. A large portion of Bitcoin’s drop was apparently a byproduct of Coinbase’s downtime, Willy Woo says. Monday’s Bitcoin Correction
Bitcoin faced an extremely steep correction on Sunday and Monday after last week’s surge to new all-time highs. On Monday morning, the cryptocurrency plunged as low as $30,000 on top exchanges amid the volatility, over 25% below the $42,000 highs.
As of this article’s writing, the cryptocurrency has recovered to $35,000. Bitcoin recovered as buying volume spiked, according to analysts.
While the cryptocurrency seemingly remains on a path of growth, many market participants were caught off guard by the move lower. According to ByBt, more than $2.8 billion worth of crypto futures positions were liquidated during the drop.
What Happened During the Drop?
Willy Woo, a crypto-asset
