Bitcoin recovers to near $49,000 after weekend plunge
01:53, 6 December 2021
Bitcoin traded close to $49,000 in early Asia trade on Monday after cryptocurrencies plunged during the weekend.
The weekend’s drop saw Bitcoin take its seven-day losses to over 15% compared to over 4% for the number two cryptocurrency, Ether.
Bitcoin prices dropped to an intraday low of $42,333 on Saturday. By Monday, the bellwether cryptocurrency was trading 0.6% lower over the past 24-hours at about 48,811 in early Asia trade.
El Salvador buys the dip
El Salvador President Nayib Bukele tweeted on Saturday that the Central American nation “just bought the dip!” with a purchase of 150 bitcoins at an average price of $48,670.
“Risk assets like stocks & #Bitcoin are tanking simply because Powell hinted the #Fed might wrap up the taper a couple of months early and the first 1/4 point rate hike may also come a bit sooner. Imagine what would happen if the Fed was actually serious about fighting #inflation!,” tweeted Peter Schiff, chief economist and global strategist at investment firm Euro Pacific Capital.
“I’m in #Miami for a few days for #ArtBasel. The fact that #Bitcoin and the #crypto industry are so well-represented here is another classic warning sign of a major market top. It’s reminiscent of the heydays of the dot com and subprime mortgage bubbles, only far more flamboyant,” Schiff warned in a separate tweet.
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Ether futures contract volume up in November
On Monday, Ether inched 1.3% higher to $4,157.39 in early Asia trade.
Data from CryptoCompare showed Bitcoin’s monthly futures contracts dropped 30.5% in November from a month ago. In contrast, Ethereum futures contract jumped 11.6% over the previous month in November.
Blockchain networks Solana’s SOL took its seven-day losses to 5.2% to trade at $192.34, Cardano’s ADA fell 14.7% over the last seven days to $1.36 and Polkadot’s DOT took its weekly losses to 26% to trade at $26.9 in early Asia trade on Monday.
MATIC takes seven-day gains to over 15%
Meme coins Dogecoin and Shiba Inu were down 19.8% and 13.2%, respectively, over the week.
Polygon’s MATIC, which has seen a surge in prices recently, bucked the trend to take its weekly gains to 15.5% to $1.92, as of Monday morning.
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