News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Bitcoin back over $50,000, as market calms after weekend turmoil

12/06/2021 | 09:50pm EDT
A representation of the virtual cryptocurrency Bitcoin

HONG KONG - Bitcoin rose 1.5% in early Asia on Tuesday, after firming overnight in line with equity markets and other risk assets, but many crypto traders remained on edge after Saturday's sharp and sudden plunge.

The world's largest cryptocurrency was last around $50,800, having closed a choppy day on Monday 2.2% higher.

"The general confidence in crypto is still high and market sentiment is coming back as we saw a general risk-on mood on Monday. Omicron's effect looks a lot milder than the market has digested," said Edison Pun, senior market analyst at Saxo Markets in Hong Kong.

Tuesday's calm followed quite a storm.

Bitcoin fell as much as 22% to just under $42,000 on Saturday on a combination of profit-taking and macro-economic concerns, but rebounded somewhat later in the session, with thin weekend liquidity exacerbating price moves.

Cryptocurrency analysts were not quite sure what triggered the heavy selling. But they pointed to a plunge in margin borrowing and in fresh futures positions, as well as to activity by large holders of bitcoin as evidence of mass liquidation.

That crash was the biggest since a 31% collapse in bitcoin's price on May 19. According to cryptocurrency analytics platform Coinglass, bitcoin's market capitalisation has fallen to about $932 billion from $1.25 trillion on Oct. 21.

Bitcoin set a new record high of $69,000 on Nov. 10.

Ether, the world's second largest cryptocurrency, was last down 0.3% to $4,340.

Against its larger peer, ether sat at 0.085 bitcoin, just off Monday's near four year top.

(Reporting by Alun John; Editing by Ana Nicolaci da Costa)

By Alun John


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BITCOIN (BTC/EUR) 2.83% 28640.1 End-of-day quote.-31.86%
BITCOIN (BTC/USD) 3.13% 30331.7 End-of-day quote.-36.46%
Latest news "Economy & Forex"
05:54pUtilities Up on Deal Activity -- Utilities Roundup
DJ
05:52pCommunications Services Up on Growth Bias -- Communications Services Roundup
DJ
05:51pStarbucks to exit Russia after nearly 15 years
RE
05:49pTech Up, Recouping Losses on Deal Activity -- Tech Roundup
DJ
05:47pEmbattled U.S. Rep. Cawthorn faces House ethics probe after election defeat
RE
05:44pFinancials Up after JPMorgan's View of Consumer -- Financials Roundup
DJ
05:43pSpirit Airlines says shareholders unlikely to vote against Frontier deal
RE
05:39pConsumer Cos Up as Inflation Concerns Subside -- Consumer Roundup
DJ
05:38pThe WSJ Dollar Index Falls 0.74% to 94.73 -- Data Talk
DJ
05:38pEuro Gains 1.20% to $1.0692 -- Data Talk
DJ
Latest news "Economy & Forex"