Bitcoin prices bounced around on Sunday but remained below $50,000, with the volatility continuing a weekend of wild trading that sent the cryptocurrency tumbling more than 17% in just 24 hours. The cryptocurrency traded at $48,776 around 7:45 p.m. ET Sunday on Wall Street, according to data from Coin Metrics.
The cryptocurrency slid more than 2% as the cryptocurrency struggles to regain the $50,000 mark. The prices dropped to a low of around $43,000 on Sunday, and the prices dropped down from the $57,000 traded on Friday morning.Bitcoin 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 market areas, 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.They have been 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 of around $54,000.
Maley added that where Bitcoin stabilized on Sunday under the $50,000 level is notable given that it’s below the trend line from the July lows. Bitcoin is now nearly 30% below its all-time high, close to $69,000, which it hit in early November.