More likely Global Winter than Global Warming. The oceans recede when a lot of the precipitation around the earth gets locked up as ice and snow on dry land, instead of returning via rivers to the sea.
Both more likely. A shorter period of an extreme cooling caused by the Sulfur Dioxide in the Massive Siberian Traps eruption, followed by a long period of extreme warming from the greenhouse gases expelled by the eruption.
I read a thread here yesterday, if I remember correctly, said that around 60,000 years ago so much of Earth was covered with ice that sea-level was about 200 feet lower than today.