$105,365.00
5.13%$2,405.10
8.90%$2.15
8.81%$639.81
4.61%$144.93
11.00%$0.999894
0.01%$0.27277
4.21%$0.162733
9.73%$2,401.38
8.94%$0.580044
9.12%$105,236.00
5.02%$38.11
8.42%$2,897.86
8.70%$2.81
17.01%$465.54
2.41%$12.76
11.72%$9.07
0.56%$0.243242
8.05%$17.95
10.94%$0.999925
0.02%$2.90
7.61%$48.06
-0.20%$0.00001153
10.70%$84.90
7.39%$2,403.23
8.84%$0.149797
14.35%$2,571.75
8.87%$1.002
0.46%$309.29
5.01%$1.001
0.10%$3.39
9.08%$105,193.00
5.06%$4.15
3.97%$0.00000981
12.25%$6.83
10.72%$0.533194
7.04%$253.41
14.98%$1.18
0.03%$348.85
16.41%$51.08
3.78%$1.00
0.00%$4.29
9.99%$1.057
0.04%$4.93
9.87%$175.80
11.32%$0.084
5.97%$2.12
13.89%$16.40
9.35%$0.7467
13.51%$1.001
0.42%$27.38
0.39%$0.602771
2.96%$16.63
6.32%$0.073757
16.85%$4.44
-0.04%$4.07
11.20%$9.17
6.83%$0.02109017
11.21%$0.083892
17.49%$105,031.00
4.84%$0.66727
16.22%$0.181301
7.30%$3.12
14.47%$0.265464
13.82%$0.177082
13.36%$2.25
10.41%$1.003
0.25%$0.907014
11.24%$4.38
5.71%$0.300162
13.92%$1.00
0.04%$2,399.49
9.13%$97.52
11.26%$1.001
0.08%$11.06
2.74%$0.237789
18.10%$152.51
10.53%$1.20
10.64%$0.201936
11.13%$0.394063
15.84%$0.01700578
8.49%$1.21
18.07%$2,734.59
8.51%$2,515.95
8.93%$1.70
28.55%$1.55
11.94%$0.00001363
13.77%$10.76
13.22%$1.025
12.41%$0.320377
24.57%$1.001
0.04%$1.002
0.28%$0.623495
13.62%$0.544503
13.27%$3.28
19.36%$1.00
0.03%$0.057231
3.14%$2,552.33
8.32%$2,520.73
8.89%$1.11
-0.02%$104,502.00
4.30%$3,382.89
-1.12%$640.17
4.89%$105,212.00
5.14%$3,365.84
-1.00%$105,990.00
4.69%$0.818202
22.29%$2,525.64
8.95%$0.508537
8.19%$0.080468
11.47%$0.573816
8.91%$0.411853
15.83%$162.22
11.26%$2.15
8.01%$188.97
11.22%$111.54
0.02%$0.84152
13.28%$2.17
9.36%$0.00007137
14.51%$2,588.63
8.71%$0.999042
0.12%$41.19
10.55%$0.663227
12.20%$0.01014814
1.05%$0.706164
9.42%$0.254708
10.91%$0.01384714
12.35%$0.160531
10.78%$18.59
10.89%$30.75
4.73%$0.01258659
17.08%$1.046
-2.92%$0.23186
9.36%$0.997555
-0.01%$0.00946917
16.59%$103,948.00
3.73%$1.97
7.68%$0.00000059
5.86%$3.55
9.97%$0.425141
13.95%$0.529895
8.55%$105,018.00
5.58%$38.05
8.50%$0.095037
12.72%$2.03
12.37%$2,396.28
8.52%$2,400.72
8.93%$0.523264
8.00%$0.488329
14.04%$0.328024
9.10%$105,021.00
4.95%$1.00
0.04%$2,555.06
8.52%$0.259632
11.67%$2,492.77
7.79%$0.999787
0.30%$0.01433181
12.24%$0.602621
9.72%$2,402.06
9.01%$1.36
12.45%$0.427094
5.91%$7.96
2.90%$48.14
7.57%$0.061741
1.38%$37.79
7.48%$0.999827
0.00%$0.999716
-0.02%$2.33
8.91%$0.161858
39.64%$0.04242723
21.09%$0.162586
10.21%$1.091
0.05%$1.005
0.74%$1.33
15.33%$0.0000004
3.06%$0.00431139
27.31%$1.00
0.01%$5.55
11.85%$0.998088
-0.01%$2,399.53
8.69%$0.38608
4.88%$0.113806
12.86%$13.44
12.80%$0.323976
19.20%$0.00001867
7.77%$2,551.58
8.09%$0.00637671
17.20%$0.507114
7.84%$2.24
11.79%$0.485752
12.75%$0.956398
15.92%$1.15
15.04%$0.00411499
20.62%$0.358685
6.19%$0.0000009
26.46%$0.068671
8.98%$0.165996
-1.91%$0.03499665
4.74%$0.138531
23.65%$5.24
11.21%$1.19
7.09%$0.03488717
9.14%$1.40
11.01%$2,646.09
8.71%$0.332161
3.98%$105,328.00
5.23%$19.85
3.01%$0.00322969
17.17%$104,921.00
4.94%$0.01668925
4.30%$0.792144
31.48%$2,627.16
8.93%$0.999994
-0.00%$158.39
11.68%$0.999632
0.05%$0.03171756
2.99%$1.001
0.32%$2,395.65
8.60%$0.00005518
6.75%$0.999884
0.01%$0.710861
7.86%$1.086
13.99%$10.04
5.31%$2,395.94
9.06%$0.440477
8.37%$0.293269
17.04%$108.38
8.34%$0.00336687
9.51%$105,711.00
5.23%$0.060465
12.34%$17.88
10.40%$0.00000135
0.19%$1.002
0.32%$1.68
-1.54%$0.594144
9.73%$102,975.00
5.98%$1.017
0.08%$2,110.86
4.64%$0.181347
7.26%$0.00500783
12.32%$0.569549
14.33%$101,310.00
1.64%$0.180314
9.28%$5.99
10.63%$0.999332
-0.01%$14.60
10.00%$0.00354414
17.58%$19.55
8.16%
If you thought the Bitcoin bloodbath ended yesterday... boy, were you wrong!
On Monday, Bitcoin registered what was then the sharpest gross drop in its history in terms of dollar amounts. In a matter of hours, the price of Bitcoin went from just over $57,500 to bottoming at $46,700. But a bullish effort from traders saw its price rebound, and the candle closed at $54,142.
And just when Bitcoin investors were starting to talk about a market recovery, the real flash crash happened.
Yesterday, crypto analysts were admiring (if you can call it that) Bitcoin’s daily red candle wick—that is, the minimum point reached before reversing the trend during the day. But today, the market is faced with the largest red-bodied candle in Bitcoin's history. Starting the day at $54,100, BTC only managed to reach $54,200 for a few minutes before plummeting to its current price of just above $48,000.
The dip cut Bitcoin’s market cap down by nearly $100 billion, from above a historic $1 trillion to now just above $900 billion.
Its daily minimum came in at $44,880, just off a slight support zone marked by a correction after the price spike following Tesla's announcements in early February 2020. At the time, Elon Musk’s electric car company revealed a new corporate strategy to the SEC, buying $1.5 billion worth of BTC, and announcing that it was working on accepting Bitcoin payments.
Bitcoin has been in price discovery mode since it first broke the $20,000 price zone—the previous all-time high registered in 2017. Price discovery happens when an asset breaks its all-time high and then maintains a bullish trend. It is called “price discovery” because traders have no previous experience buying and selling above that specific price.
And despite the drop over the last two days, Bitcoin has been on an epic bull run, exceeding the expectations of even the most experienced analysts. Some were even expecting a short-term sell off. Real Vision founder Raoul Pal, for example, shared his relief follow yesterday’s market correction:
It it just me that feels relief when the BTC sell offs come? You know they are coming but when they finally arrive you can switch into buy the dip mode. March is a historically weak month. Not sure if this is the bigger March correction of just another cheeky shakeout . pic.twitter.com/GMH7evctX5
— Raoul Pal (@RaoulGMI) February 22, 2021
Still, some market observers may be surprised to see that even Square’s bullish news—that it has invested another $170 million of corporate funds in Bitcoin—hasn’t been enough (yet) to reignite the rally.
For the time being, it may not be a bad idea to consider removing those laser eyes from your Twitter profiles.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
