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Bitcoin fell sharply alongside other assets on Friday, hitting a seven-week low and officially entering bear market territory.
The world’s biggest cryptocurrency sank nearly 8% in the last 24 hours to $54,321, according to Coin Metrics data. The slide brought bitcoin to its lowest level since early October.
Bitcoin is down more than 20% from an all-time high of nearly $69,000 which it hit earlier this month. Bear markets are typically defined by a decline of 20% or more from recent highs.
Other cryptocurrencies also plunged Friday. Ether, the second-biggest crypto, fell more than 10% to $4,059, while XRP slumped 9.9% to just under 95 cents.
Digital currencies are falling in tandem with other risk assets amid panic over a new, heavily-mutated variant of the coronavirus first detected in South Africa.
The World Health Organization on Thursday gave a briefing on the new variant, which is known as B.1.1.529 and is thought to contain more than 30 mutations. The U.K. and other nations have temporarily suspended flights from six African countries in response.
Global stock markets were sinking Friday, with European stocks set for their worst session in more than a year and U.S. stock futures down sharply.
Investors are retreating from riskier assets for the relative safety of bonds, with U.S. Treasury yields moving sharply lower. Bond yields move inversely to prices.
Bitcoin has often been described by its proponents as “digital gold,” a reference to the yellow metal’s status as a so-called safe haven asset.
Crypto investors say the virtual currency offers a store of value as well as a hedge against inflation.
It’s worth noting that bitcoin is a volatile asset, and has been known to experience price swings of more than 10% on a single day.
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The year 2021 has been like a rollercoaster so far. The markets started off with a bang, with Redditors gathering and shaking up Wall Street by trading Gamestop stocks. Then, Bitcoin started spinning the charts up and down, Ethereum surprised pretty much everyone with its price hikes, altcoins started booming like never before (just think about DOGE), new market actors even rushed in to join the race. After all this, if you are still on the fence about getting in because you are worried that it’s too late to get started then you have to trade with the guidance of a professional. Since July till now, I have accumulated up to 12.8 b TC with exclusive tips from Crypto Analyst Rich .
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It's never a good idea to buy cryptocurrency unless you want government too take more of your rights away
The market reaction the new covid variant is just a catalyst for whale to dump their bags causing massive long liquidations. This is why liquidity matters. TA fractals confirmed market strength because with BTC reaching ATH again since May I know the market is finally ready to run again, This shakeout presents us with a opportunity to accumulate as much as possible. I'd tell any inexperienced traders to seek help from not just any trader but a career trader with at least 81% execution rate. I underwent a series of trading losses I'd best not talk about before I was introduced to Mr Mica. My contact with him has been the cornerstone of this year for me, under his careful guide and his automated signals which is based on unique combinations of trend, momentum, volume scanners and onchain analytics.. My portfol!o PnL went up 5. 7 BTC with his trsding executions. He can be contacted on Telegram@micasanchez
Nah I'm worried about the big guys saying buy. Why would they tell you to buy? Either they have bought already or they want to sell out and leave you with the guy.
BTC, ETH & GRT is the best way to hedge a portfolio in my humble opinion against INFLATION & Black Friday sale in Crypto is going on NOW but only while supplies last. NOT FINANCIAL ADVICE, CAPISH?
May the Force be with Crypto
<<<🚀 From my own perspective i have learned in the recent months to remain calm, especially when it comes to investments in cryptocurrencies. Learn not to sell in a panic when everything goes down and not to buy in euphoria when everything goes up. I advise y'all to forget predictions and start making a good profit now because future valuations are all speculations and guesses. The market is very unstable and you can not tell if it's going bearish or bullish. While myself and others are trad!ng without fear of making a loss others are being patient for the price to skyrocket. It all depends on the pattern you follow. I was able to make 30 BTC from 9.5 BTC in just October from implementing trades with tips and info from Daniel Steed.…….
ETH in the Metaverse? LOL that’s gonna be one expensive Metaverse to use. I wouldn’t trust her reasoning, although BTC is still at a steal. Anything below $55,000 is a good idea.