The Bitcoin logo will appear on the Bitcoin ATM screen in Los Angeles, CA on November 10, 2021.
Mario Tama | Getty Images
Bitcoin prices fell about 3% on Sunday morning, and fierce weekend trading continued, with cryptocurrencies falling more than 17% in just 24 hours.
Cryptocurrencies traded at $ 48,012 on Wall Street around 10:50 am on Sunday, according to Coin Metrics data.
Earlier that day, cryptocurrencies traded slightly higher at $ 49,000 as they struggled to regain the $ 50,000 market after falling to a low of nearly $ 43,000 on Saturday.
Bitcoin was $ 57,000 on Friday morning.
Bitcoin’s sharp fall follows Friday’s risk-off tone in the broader market. Amid concerns about what the Omicroncovid variant would mean for an ongoing economic recovery, all three major averages closed Friday’s trading in the red and posted a loss for the week.
Investors abandoned stocks in favor of safer areas of the market, and yields on 10-year Treasuries fell.
The Nasdaq Composite index fell below the Dow and S & P 500 on Friday, hitting tech stocks particularly hard. This sale expanded to cryptocurrencies, but there was no fundamental reason to drive a sharp decline across the crypto world.
“Someone may have been hit by a margin call yesterday, which seems to have been” forced “to sell,” said Matt Murray, equity strategist at Miller Tabak. “The Bitcoin market tends to be much” thinner “on weekends, which probably exacerbated the decline. When the dust settled down, the buyer came back and stabilized. “
Still, sales over the last 48 hours are based on the recent decline in Bitcoin. Cryptocurrencies officially entered the bear market territory on November 26, after falling to a seven-week low of about $ 54,000 at the time.
Marie added that the place where Bitcoin was stable on Sunday (less than $ 50,000) is noteworthy given that it is below the trendline from the July lows.
“Whether it regains that level (after normal trading activity resumes) should be important for Bitcoin,” he said.
Bitcoin is now nearly 30% below its all-time high of close to $ 69,000, which was a hit in early November.
“Bitcoin is currently in a’no man’s land’and doesn’t seem to change anytime soon,” said Ed Moya, senior market analyst at Oanda. “The long-term bullish case remains, but prices seem ready to consolidate between $ 52,000 and $ 60,000,” he added.
Ether also stabilized on Sunday, rising about 1.5% to $ 4,176. Cryptocurrencies hit a low of nearly $ 3,500 on Saturday, after plunging more than 16% between Friday and Saturday morning. Ether is the world’s second largest cryptocurrency in terms of market value.
–CNBC’s Weizhen Tan and Tanaya Macchel contributed to the report.
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