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Bitcoin back over $50,000, as market calms after weekend turmoil

Added 12-06-21 10:04:02pm EST - “Bitcoin rose 1.5% in early Asia on Tuesday, after firming overnight in line with equity markets and other risk assets, but many crypto traders remained on edge after Saturday's sharp and sudden plunge. The world's largest cryptocurrency…” - News.yahoo.com

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Posted By TheNewsCommenter: From News.yahoo.com: “Bitcoin back over $50,000, as market calms after weekend turmoil”. Below is an excerpt from the article.

HONG KONG - Bitcoin rose 1.5% in early Asia on Tuesday, after firming overnight in line with equity markets and other risk assets, but many crypto traders remained on edge after Saturday's sharp and sudden plunge.

The world's largest cryptocurrency was last around $50,800, having closed a choppy day on Monday 2.2% higher.

"The general confidence in crypto is still high and market sentiment is coming back as we saw a general risk-on mood on Monday. Omicron’s effect looks a lot milder than the market has digested," said Edison Pun, senior market analyst at Saxo Markets in Hong Kong.

Bitcoin fell as much as 22% to just under $42,000 on Saturday on a combination of profit-taking and macro-economic concerns, but rebounded somewhat later in the session, with thin weekend liquidity exacerbating price moves.

Cryptocurrency analysts were not quite sure what triggered the heavy selling. But they pointed to a plunge in margin borrowing and in fresh futures positions, as well as to activity by large holders of bitcoin as evidence of mass liquidation.

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