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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.
- 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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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Crypto Markets Today: Traders Seek Catalysts After Bitcoin’s Post-Fed Pullback
The crypto market slipped to the lower end of its range after the Federal Reserve’s 25bps rate cut failed to spark fresh momentum.
What to know:
- BTC is trading near $90,350 after defending the $88,200 support zone, but momentum remains capped below the key $94,500 resistance level.
- Implied volatility fell to its lowest since November, ETH/BTC IV spreads widened, and risk reversals stayed negative across tenors while open interest declined—most sharply in ADA.
- Low-liquidity conditions dragged tokens like ETHFI, FET, ADA and PUMP down more than 8%, while privacy-focused XMR stood out with gains as the broader altcoin season index slumped to 19/100.
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