The Bitcoin logo is displayed on the screen of a Bitcoin ATM on November 10, 2021 in Los Angeles, California.
Mario Tama | beautiful pictures
Bitcoin price stable next Sunday morning wild trade caused the cryptocurrency to drop more than 17% in just 24 hours.
The cryptocurrency was trading at $48,953 around 9:15 a.m. Sunday on Wall Street, according to data from Coin Metrics. The move towards the $50,000 mark comes after bitcoin fell to lows near $43,000 on Saturday, after trading around $57,000 on Friday.
Bitcoin’s sharp drop after Friday risk avoidance tune on the broader market. All three major averages ended Friday’s trade in the red and posted losses for the week on concerns about the implications of the Covid omicron variation for the ongoing economic recovery.
Investors abandoned stocks in favor of safer areas of the market, with yields on 10-year US Treasuries falling.
The Nasdaq Composite underperformed the Dow and S&P 500 on Friday, with technology stocks particularly hard hit. This sale extends to cryptocurrencies, with no underlying reason driving the sharp drop in the crypto universe.
However, the selling over the last 48 hours is based on bitcoin’s recent drop. The cryptocurrency officially entered bear market territory on November 26, after falling to a seven-week low later around $54,000.
Bitcoin is now nearly 30% below its all-time high of nearly $69,000, which it reached in early November.
“Bitcoin is currently in ‘no man’s land,’ and that doesn’t appear to be changing anytime soon,” said Ed Moya, senior market analyst at Oanda. intact but the price seems ready to consolidate between $52,000 and $60,000,” he added.
Ether was also steady on Sunday, rising about 1.5% to $4,176. On Saturday, the cryptocurrency hit a low near $3,500, after falling more than 16% between Friday and Saturday morning. Ether is the world’s second largest cryptocurrency by market value.
– CNBC’s Weizhen Tan and Tanaya Macheel contributed reporting.
