Crypto

Cryptocurrencies: Bitcoin lost $ 10,000 in 1 hour

AwareDecember 4, 2021, 5:27 PM

On the night of Friday to Saturday, the most famous virtual currency suddenly crashed, losing almost 20% of its value.

The virtual currency had reached almost $ 70,000.

Reuters

Bitcoin lost $ 10,000 (about 10,378 francs) in less than an hour overnight from Friday to Saturday, or almost 20%, before recovering somewhat, but it remained affected by the prevailing caution in financial markets.

At around 5pm on Saturday, the virtual currency was trading at $ 48,210, 10% less than on Friday night. Around 6am, it had suddenly dropped to $ 42,296, with no specific explanation.

Wall street in red

“Cryptocurrencies were buffeted by the broader risk conditions associated with (the Omicron variant) and expectations of a more aggressive (US monetary policy), but they really started nosing around on Friday, in the wake of the downturn in markets for values, “commented Martha Reyes. , who leads the research for cryptocurrency exchange Bequant.

Wall Street’s major indices ended in the red on Friday, driven by weakness in tech stocks.

Accustomed to violent movements

The fall of bitcoin, accustomed to violent movements, is not entirely surprising given that the currency has been moving since the end of November in a limited trading range and that some investors may have wanted to undo certain positions, believes Martha Reyes in a note . . Same feeling for Anto Paroian, from the fund specialized in cryptocurrencies ARK36.

After hitting a record high of $ 68,363 on November 10, the virtual currency fell again and “has repeatedly failed to cross the threshold of $ 60,000,” he said in a note recalling that bitcoin has regularly recorded declines of 20% to 30%. before recovering.

(AFP)

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