Bitcoin's price fell below $47K on Coinbase before swinging back above $53K

Bitcoin • February 22, 2021, 10:00AM EST

The price of bitcoin fell sharply below $50,000 before recovering during Monday morning's trading session.

The dive began after 9 a.m. ET, with the steep fall occurring around 9:15 a.m. ET. Data from Coinbase indicates that the price of bitcoin hit a low of $46,616 on the U.S.-based crypto exchange.

The price has since recovered, and at press time bitcoin is trading hands at above $53,000 on Coinbase.

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In a similar movement, the price of ETH, Ethereum's native cryptocurrency, tumbled to $1,507 on Coinbase before recovering. ETH is trading at about $1,760.

As The Block reported earlier Monday, significant liquidations of derivatives positions in the last 24 hours took place amid bitcoin's fall from $58,500. About $1.5 billion worth of open interest was liquidated by crypto exchanges during the period, according to tracker Bybt.com.

The crypto futures market was "massively over-leveraged," FTX CEO Sam Bankman-Fried told The Block last week. If such level of activity in the market continues, multi-billion-dollar liquidation days will become the new norm, Bitfiex CTO Paolo Ardoino told The Block at the time.

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.