Sunday, August 14

Bitcoin Reverses ‘Bear Market’ To $ 53.5K As Pfizer Gains On Recent Panic Over Coronavirus Variant ‘Nu’

Bitcoin (BTC) halted losses when Wall St. opened on November 26 after concern over a new variant of Coronavirus triggered a sell-off in the global market.

BTC / USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Pfizer wins as coronavirus panic sets in

Cointelegraph Markets Pro data and TradingView showed that BTC / USD ended its slowdown at just over $ 53,500 on Bitstamp.

The pair then added nearly $ 1,500 when some sense of balance returned to the crypto markets, trading around $ 54,400 at the time of writing.

Both crypto and traditional assets shook the day thanks to the proliferation of a new variant of Coronavirus, dubbed “Nu,” which some parties claim could pose a problem for vaccine programs.

Pfizer (PFE), a leading producer of coronavirus vaccines, notably outpaced the nervous market downtrend, opening 7% at the Wall St. open. In contrast, the S&P 500 was down 1.5%.

Pfizer (PFE) (NYSE) 1-hour candlestick chart. Source: TradingView

In what will be familiar to those who witnessed the events of March 2020, Bitcoin thus ditched its asymmetric investment traits to align itself with both equities and the US dollar.

The drop below $ 54,000 was accompanied by a family cocktail of misgivings from sources including mainstream media, with CNBC Union Bloomberg in stating that Bitcoin had “entered bear market territory.”

“Let’s see how the daily candle closes,” said trader and analyst Rekt Capital in cautious words about the impact of Friday’s moves on the long-term outlook for Bitcoin.

BTC transaction volume hits all-time high

However, among crypto analysts and other longtime participants, there were still few signs of a genuine downtrend.

Related: Bitcoin Offers ‘Black Friday Deal’ With BTC Price Below $ 55K, As In 2020

“Mass Corrections = Mass Buying Opportunities”, Cointelegraph contributor Michaël van de Poppe summarized.

While Friday’s lows haven’t been seen since mid-October, overall, Bitcoin’s performance in the fourth quarter remains not only profitable, but fully in line with previous years of the bull market.

Meanwhile, amid the spot price panic, data showed that November 25 marked the day with the highest volume of on-chain transactions in the history of Bitcoin.

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

Bitcoin transaction volume chart. Source: Kevin Rooke / Twitter