The bitcoin fell by almost 5% this Monday, in a beginning of the week that offered little respite to the world’s largest cryptocurrency after a tough weekend in which it lost more than a fifth of its value.
The crash sent the price of bitcoin and the amount invested in its futures at the levels of early October, before a sharp rise that took the “token” to an all-time high of $ 69,000 on November 10.
In its last trades, the cryptocurrency lost 3.9% to $ 47,567.
Traders said the weekend’s slide was related to a broad move away from riskier assets in traditional markets for Omicron variant concerns of the coronavirus, along with the lower commercial liquidity that usually affects cryptocurrencies on weekends.
Our expectation is that the rest of the fourth quarter will be a difficult month; We’re not seeing the strength in bitcoin that we usually see after one of these crushing days, “said Matt Dibb at Stackfunds, a Singapore-based crypto fund distributor.
The platform Coinglass showed that open interest – the total number of futures contracts held by market players at the end of a session – on all exchanges was $ 16.5 billion, compared to $ 23.5 billion on Thursday and up to $ 27 billion on Thursday. November 10.
Ether, the world’s second-largest cryptocurrency, also declined on Saturday, albeit less sharply. On Monday it was down 5.5% to $ 3,965, compared with a high of $ 4,868 hit on Nov. 10.
Reference-www.eleconomista.com.mx