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Bitcoin Drops as Low as $53.5K in Quick Sell-Off, Then Recovers
Bitcoin fell after the U.S. market close.
Updated Sep 14, 2021, 12:53 p.m. Published May 10, 2021, 9:05 p.m. 1 min read
- The world's oldest cryptocurrency, bitcoin dropped as low as $53,500 on spot exchanges such as Bitstamp in a spate of selling Monday, right after the 21:00 UTC (4 p..m. ET) close of traditional markets in the U.S.
- The bitcoin price had fallen by more than 5% in the past 24 hours during the sell-off. It has now recovered to just over $55,000 as of press time.
- The U.S. S&P 500 lost 0.50% Monday, led by a dump in Tesla stock, down 6% to close the day.
- "We think strong support near $42,000 (per BTC) may be tested as the range is resolved to the downside, before an intermediate-term low is established," noted Katie Stockton, a technical analyst for consulting firm Fairlead Strategies, in a Monday market update.
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The creator of the Mayer Multiple argues bitcoin’s growing economic substance is compressing volatility and attracting deeper capital.
What to know:
- Bitcoin volatility has dropped from around 120 in 2017 to 35 as institutional participation and options markets add stability to the asset.
- Mayer believes lower volatility makes bitcoin more investable for corporations, family offices, and institutional investors.
- Despite long-term concerns around miner security incentives and quantum computing, Mayer remains bullish...
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