January 19, 2022

The Queens County Citizen

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Bitcoin suddenly collapses | VAT news

Bitcoin suddenly collapses |  VAT news

Bitcoin lost $ 10,000 an hour overnight from Friday to Saturday, or about 20%, before recovering slightly, but was affected by caution in financial markets.

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At 4:00 pm GMT on Saturday, the virtual currency traded 10% lower at $ 48,210 on Friday night.

Around 05:00 GMT, it suddenly dropped to $ 42,296, without any specific explanation.

“The broader risks associated with cryptocurrencies (the Omicron variant) and the more aggressive (US monetary policy) have shaken expectations, but the equity markets really started to slide on Friday in the wake of the downturn,” Martha Reese said. , Head of Cryptocurrency Exchange Bequant Research.

Major Wall Street indices ended in the red on Friday due to weakness in technology stocks.

The decline in bitcoin, which is accustomed to violent movements, is not entirely surprising as the currency has been moving in a limited trading range since the end of November and some investors wanted to hold some positions.

The same feeling applies to Anto Parion, a fund specializing in ARK36 cryptocurrencies.

After hitting a record high of $ 68,363 on November 10, the virtual currency fell back and “repeatedly failed to cross the $ 60,000 threshold”, Bitcoin regularly notes falling 20% ​​to 30% before recovering, he said in a note.