Bitcoin reverses ‘bear market’ at $53.5K as Pfizer gains on fresh panic over coronavirus ‘Nu’ variant


Bitcoin (BTC) stemmed a few of its losses as Wall Avenue opened on Nov. 26 after concern over a brand new COVID-19 variant spark a world market sell-off.

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

Pfizer good points as coronavirus panic units in

Knowledge from Cointelegraph Markets Pro and TradingView confirmed BTC/USD ending its downturn at simply above $53,500 on Bitstamp.

The pair then added virtually $1,500 as some sense of equilibrium returned to crypto markets, buying and selling at round $54,400 on the time of writing.

Each crypto and conventional property have been rattled on the day due to the proliferation of a brand new COVID-19 variant, designated “Nu,” which some events declare may pose an issue for vaccine applications.

Pfizer, one of many main producers of COVID-19 vaccines, conspicuously bucked the nervous market downtrend, up 7% on the Wall Avenue open. Against this, the S&P 500 was down 1.5%.

Pfizer 1-hour candle chart (NYSE). Supply: TradingView

In what will probably be acquainted to those that witnessed the occasions of March 2020, Bitcoin thus deserted its asymmetrical funding traits to fall in step with each equities and the U.S. greenback.

The drop under $54,000 was accompanied by a well-known cocktail of misgivings from sources, together with mainstream media retailers, with CNBC joining Bloomberg in claiming that Bitcoin had “entered bear market territory.”

“Let’s have a look at how the Day by day candle closes,” dealer and analyst Rekt Capital stated in cautious phrases in regards to the impression of the day‐s strikes on Bitcoin’s longer-term outlook.

BTC transaction quantity hits all-time excessive

Amongst crypto analysts and different longtime members, nevertheless, there have been nonetheless few indicators of real bearishness.

Associated: Bitcoin offers ‘Black Friday deal’ with sub-$55K BTC price — Just like 2020

“Large corrections = large purchase alternatives,” Cointelegraph contributor Michaël van de Poppe summarized.

Whereas the lows of Nov. 26 have not been seen since mid-October, overall, Bitcoin’s performance in Q4 remains not only profitable but fully in line with previous bull market years.

Amid the panic over spot price, meanwhile, data showed that Nov. 25 marked the day with the largest single on-chain transaction volume in Bitcoin’s history.

“Bitcoin set another all-time high for transaction volume yesterday with $36.5 billion of value settled on-chain,” researcher Kevin Rooke commented.

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Bitcoin transaction quantity chart. Supply: Kevin Rooke/Twitter