Bitcoin Frankie breaks down on her IGTV five reasons Bitcoin corrected from 58k to 45k in less than 24 hours, before recovering to 55k on Monday.
Elon Musk tweeted early on Saturday that prices seemed high, which in hindsight should have been a warning signal to the markets that prices were overhyped. Maybe Elon just wants to buy more for Tesla?
On U.S. exchanges, Bitcoin sold for as low as $45,000 early Monday morning and Ethereum sold for $699 before the market recovered, creating one of the first $7,000 hourly candles in Bitcoin's history. Bitcoin quickly recovered to $52,0000 and then to $55,000 later in the day.
Bitcoin still seems like it's having trouble holding solid footing as the world's leading cryptocurrency has slid to $53,000 at the time of writing.
- Bitcoin was up 80% in February
- Weekends are always volatile
- Banks and Wall Street are closed
- Traders like shorting BTC on Monday
- Janet Yellen criticized Bitcoin