MARKET CORRECTION FOR CRYPTO
“When Bitcoin recently suffered a sharp drop in prices, the cryptocurrency market also went through a correction,” explains Binance in a recent blog.
The website adds: “After hitting an all-time high of $64,800 on April 14, 2021, Bitcoin shed more than 33% of its value by May 18. The market lost more than $300 billion (USD) in the process.
“Before this, Bitcoin had been on a remarkable bull run. The cryptocurrency saw roughly 1500% gains from the $3,800 it was worth in March 2020 to its peak in April 2021.
“After such a strong trend, many started to question the possibility of a market correction. A market correction occurs when an asset sheds a significant portion of its value in a short time.
“Corrections can happen to individual cryptocurrencies, like Bitcoin, ETH, or BNB; or to the cryptocurrency market as a whole. Corrections are usually associated with traditional stocks and shares, but it is applicable to cryptocurrencies too.”
