This morning (December 7) Bitcoin rose 3.30% and moved at $50,875.7.
On Sunday (December 5) the Cryptocurrency market did show its volatile side with Bitcoin falling 17% after investors sold to avoid risk. Indeed, there was a push towards safe-haven assets with the Omicron variant as a source of uncertainty. For many speculators, cryptocurrencies are considered a risky asset class.
The sell-off took place around noon in Asia.
Another factor that adds is further negative news from China around the construction industry. A number of construction companies can no longer pay their debts and have to report a payment default. The whole drama around the Chinese construction industry started with the construction giant Evergrande, which has so far been able to pay its debts.
The price drop shows how volatile the crypto market can be when a series of sell-offs occur. However, experienced investors in the market have taken the opportunity to buy cheap coins and can already book their first profits. This is because the volatility of about 20% is typical for the crypto market and players who have been in the market for a while have seen such sell-offs many times.
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Tuesday, December 7, 2021