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After a lot of drama, bitcoin’s back to trading where it was a f

After a lot of drama, bitcoin’s back to trading where it was a few days ago. Bitcoin prices plunged as much as 19% in a violent sell-off Monday, the biggest of the year in dollar terms with a loss of more than $10,000, before quickly recovering and settling around $54,000. The day’s price swings came on strong volume across major exchanges Bitfinex, Bitflyer, Bitstamp, Coinbase, Gemini, ItBit, Kraken and Poloniex. The volume spiked to above $8 billion, the highest levels in almost two weeks. For comparison, the figure was about $5.8 billion on Friday. blockchain data showed billions of dollars of bitcoin being transferred onto exchanges on Sunday, as this year’s doubling in prices to levels above $58,000 apparently motivated some traders to take profits. Some analysts and traders were optimistic that prices would recover quickly, and that the correction might have been healthy for the market after it ran up too far, too fast. The market turned extremely bullish last week after electric vehicle maker Tesla announced its $1.5 billion bitcoin investment, so it’s not surprising that a correction followed the steep runup, said Hunain Naseer, senior editor at OKEx Insights. . “For now, even with the price bouncing back, the market is not in an uptrend, and bitcoin needs to consolidate and reclaim $55,000 levels,” Naseer added