On-Chain Analyst Explains What Caused Bitcoin to Plunge from $38k to $30k

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…

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