Bitcoin Sinks Deeper After Brutal Weekend Crash

Share post:

Bitcoin, the world’s most popular cryptocurrency, slipped further on Monday after falling 22% over the weekend, and had fallen nearly 5% on Monday as it fluctuated between $48,000 and $49,000.

Bitcoin last fell 1.1% to $48,900. Ether, the world’s second largest cryptocurrency, also recorded a steady decline, with crypto down another 3.1% to $4,070 by Monday.

Traders said the weekend drop was due to a concentrated shift away from riskier assets in traditional markets amid fears of the Omicron variant, coupled with lower trading liquidity, which often occurs over the weekend.

According to crypto-data platform Coinglass, the total number of futures contracts held by market participants at the end of the day was $16.5 billion, up from $23.5 billion on Thursday.

Sean Farrell, head of digital asset strategy at Fundstrat, shared his view on the latest slip-up, highlighting the “outsized correlation to macro uncertainty,” compared to the rest of the cryptocurrency market.

For more information, read the original story in Reuters.


Related articles

The good and the bad of AI generated code

Generative AI tools are transforming the coding landscape, making both skilled and novice developers more efficient. However, the...

Return to office (RTO) mandates aren’t worth the talent risks: Gartner

Return-to-office (RTO) mandates are increasingly becoming a point of contention within organizations. Over the past year, 63% of...

VMWare revenue drops by $600 million but Broadcom assures investors growth plan is on track

In its first full quarter under Broadcom's ownership, VMware's revenue fell by $600 million, dropping to $2.7 billion....

Apple stock soars after announcement of AI offerings

Apple shares surged to a new record, closing with a 7.3% increase, driven by positive reactions from Wall...

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways