Bitcoin extends decline after weekend flash crash – Reuters
- Date: 07-Dec-2021
- Source: Reuters
- Sector:Financial Markets
- Country:Middle East
Bitcoin extends decline after weekend flash crash – Reuters
NEW YORK/LONDON/HONG KONG, Dec 6 (Reuters) - Bitcoin dropped by almost 5% on Monday as the start of the week offered little respite to the world's largest cryptocurrency after a bruising weekend when, at one point, it lost over a fifth of its value.
The rout sent bitcoin's price and the amount invested in bitcoin futures back to where they were in early October, before a massive price surge that sent the token to an all-time high of $69,000 on Nov. 10. Since that record peak, bitcoin has plunged 32%. It was last down 1.1% at $48,900.
Traders said the weekend fall was connected to a broad move away from riskier assets in traditional markets over worries about the Omicron variant of the coronavirus, combined with lower trading liquidity that tends to plague cryptocurrencies at weekends.
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