Cash Live
    Trending
    • Self-made millionaire: ‘Don’t buy a home—unless you can afford to waste money’
    • State, local relief not in cards for residents of high-tax states as House assesses Inflation Reduction Act
    • Ether surges to a two-month high after ethereum inches closer to long-awaited upgrade
    • Disney raises streaming prices after services post big operating loss
    • Jim Beam maker says some customers trading down, others still paying more for high-end liquor
    • Buying a car and want to go electric? Inflation Reduction Act extends $7,500 tax credit — but with price, income caps
    • What ‘crypto winter?’ Schwab launches ETF giving investors significant cryptocurrency exposure
    • Gas is cheaper but groceries are not: How to save as food inflation jumps at the fastest pace since 1979
    • Personal Finance
    • Investing
      • Investing
      • Advisors
      • Investor Tips
    • Earnings
    • Business
      • Business
      • Small Business
    • Finance
      • Finance
      • Wealth
    Cash Live
    Home»Finance»Bitcoin stabilizes at $49,000 after Friday’s overnight plunge
    Finance

    Bitcoin stabilizes at $49,000 after Friday’s overnight plunge

    December 5, 2021No Comments2 Mins Read
    106963876 1634825244800 gettyimages 1236011917 AA 21102021 496570 scaled
    Share
    Facebook Twitter LinkedIn Pinterest Email

    In this article

    • BTC.CM=
    • ETH=
    The Bitcoin logo is displayed on the screen of a Bitcoin ATM on November 10, 2021 in Los Angeles, California.
    Mario Tama | Getty Images

    Bitcoin prices stabilized on Sunday morning after wild trading sent the cryptocurrency tumbling more than 17% in just 24 hours.

    The cryptocurrency traded at $48,953 around 9:15 a.m. Sunday on Wall Street, according to data from Coin Metrics. The move towards the $50,000 mark comes after bitcoin dropped to a low near $43,000 on Saturday, after trading around $57,000 on Friday.

    Loading chart…

    Bitcoin’s sharp tumble follows Friday’s risk-off tone in the broader market. All three major averages finished Friday’s trading in the red and posted losses for the week amid fears over what the omicron Covid variant means for the ongoing economic recovery.

    Investors ditched equities in favor of safer areas of the market, with the yield on the 10-year U.S. Treasury moving lower.

    The Nasdaq Composite underperformed the Dow and S&P 500 on Friday, with technology stocks getting hit especially hard. This selling extended to cryptocurrencies, with no fundamental reason prompting the sharp declines across the crypto universe.

    Still, the selling over the last 48 hours builds on recent declines for bitcoin. The cryptocurrency officially entered bear market territory on Nov. 26, after dropping to a then seven-week low around $54,000.

    Bitcoin is now nearly 30% below its all-time high close to $69,000, which it hit in early November.

    “Bitcoin is in ‘no man’s land’ right now and that does not seem to be changing anytime soon,” noted Ed Moya, senior market analyst at Oanda. “The long-term bullish case remains intact but prices seem poised to consolidate between $52,000 and $60,000,” he added.

    Ether also stabilized on Sunday, advancing about 1.5% to $4,176. On Saturday the cryptocurrency hit a low near $3,500, after plunging more than 16% between Friday and Saturday morning. Ether is the world’s second-largest cryptocurrency by market value.

    – CNBC’s Weizhen Tan and Tanaya Macheel contributed reporting.

    This article was originally published by Cnbc.com. Read the original article here.
    fqw82np

      Related Posts

      Ether surges to a two-month high after ethereum inches closer to long-awaited upgrade

      August 11, 2022

      What ‘crypto winter?’ Schwab launches ETF giving investors significant cryptocurrency exposure

      August 11, 2022

      Airfares, hotel rates and rental car prices fell in July. Here’s how you can score a good deal

      August 10, 2022

      China consumer prices hit a two-year high

      August 10, 2022
      Add A Comment

      Leave A Reply Cancel Reply

      Signup for our Newsletter
      Advert
      Categories
      • Advisors
      • Business
      • Earnings
      • Finance
      • Investing
      • Investor Tips
      • Personal finance
      • Small Business
      • Wealth
      Signup for our Newsletter
      Advert
      Uselful links
      • Contact
      • About us
      • DMCA / Copyrights Disclaimer
      • Privacy Policy
      • Terms and Conditions
      • Cookie Policy (US)
      • Cookie Policy (EU)
      ARCHIVES
      © 2022 Designed and Powered by JL Digital webbyrå.

      Type above and press Enter to search. Press Esc to cancel.

      Manage Cookie Consent
      To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
      Functional Always active
      The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
      Preferences
      The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
      Statistics
      The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
      Marketing
      The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
      Manage options Manage services Manage vendors Read more about these purposes
      View preferences
      {title} {title} {title}