Bitcoin holds steady below $50,000 in volatile weekend trading

Finance

In this article

The Bitcoin logo is displayed on the screen of a Bitcoin ATM on November 10, 2021 in Los Angeles, California.
Mario Tama | Getty Images

Bitcoin prices stabilized on Sunday morning after wild trading sent the cryptocurrency tumbling more than 17% in just 24 hours.

The cryptocurrency traded 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 dropped to a low near $43,000 on Saturday, after trading around $57,000 on Friday.

Loading chart…

Bitcoin’s sharp tumble follows Friday’s risk-off tone in the broader market. All three major averages finished Friday’s trading in the red and posted losses for the week amid fears over what the omicron Covid variant means for the ongoing economic recovery.

Investors ditched equities in favor of safer areas of the market, with the yield on the 10-year U.S. Treasury moving lower.

The Nasdaq Composite underperformed the Dow and S&P 500 on Friday, with technology stocks getting hit especially hard. This selling extended to cryptocurrencies, with no fundamental reason prompting the sharp declines across the crypto universe.

Still, the selling over the last 48 hours builds on recent declines for bitcoin. The cryptocurrency officially entered bear market territory on Nov. 26, after dropping to a then seven-week low around $54,000.

Bitcoin is now nearly 30% below its all-time high close to $69,000, which it hit in early November.

“Bitcoin is in ‘no man’s land’ right now and that does not seem to be changing anytime soon,” noted Ed Moya, senior market analyst at Oanda. “The long-term bullish case remains intact but prices seem poised to consolidate between $52,000 and $60,000,” he added.

Ether also stabilized on Sunday, advancing about 1.5% to $4,176. On Saturday the cryptocurrency hit a low near $3,500, after plunging 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.

Products You May Like

Articles You May Like

Behind GM, Ford’s aggressive new electric vehicle strategy is old-time financing: Cash
‘You definitely don’t want to be guessing this year.’ Here’s how to access IRS transcripts that can help avoid delays
One year after the 737 Max’s return, Boeing is still trying to get back on course
Here’s the financial assistance that could make the cut in Biden’s smaller Build Back Better
U.S. banks close record number of retail branches in 2021, Wells Fargo shutters most

Leave a Reply

Your email address will not be published. Required fields are marked *