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Thread: Bitcoin climbs back above $58,000 as cryptocurrencies rebound from sell-off

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    Default Bitcoin climbs back above $58,000 as cryptocurrencies rebound from sell-off



    Bitcoin and other cryptocurrencies surged Monday after a sharp sell-off at the end of last week.

    The price of bitcoin climbed back above $58,000, rising 5.8% to $58,136.63, according to Coin Metrics data.

    Other digital assets also rose, with ether jumping nearly 7% to $4,419.63 and XRP up 6% at around 99 cents.

    Vijay Ayyar, head of Asia Pacific at cryptocurrency exchange Luno, said early reports that the new, heavily-mutated omicron Covid variant came with milder symptoms was giving the market a boost.

    “We’re seeing news of the variant being potentially weaker in terms of symptoms in early analysis, which has bolstered the market comeback,” Ayyar said via email. “Hence, smart investors have probably bought this dip.”

    Bitcoin last week sank as low as $53,549, its lowest level since early October, amid a broader sell-off in stocks and other riskier assets on the back of fears over the new coronavirus variant.

    The world’s largest digital currency was briefly down more than 20% from its recent all-time high of nearly $69,000, officially entering bear market territory. Bear markets are typically defined by a decline of 20% of more from recent highs.

    source_https://www.cnbc.com/
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    Never lose hope in BTC Why? Even though the price plummets to 40K, there's still a chance this flagship crypto hits another all-time high soon.

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