Bitcoin has now fallen some 18% as riskier assets have been shunned since concerns of Omicron began in early December Cryptocurrencies continued to d
Bitcoin has now fallen some 18% as riskier assets have been shunned since concerns of Omicron began in early December
Cryptocurrencies continued to disappoint into the New Year, extending the downtrend of the past month and the festive period.
Monday marked Bitcoin’s thirteenth birthday – somewhat unluckily – losing ground, and today edged another 1.2% lower to US$46,388 in this morning’s deals.
Bitcoin has now fallen some 18% as riskier assets have been shunned since concerns of Omicron began in early December.
READ: Will Bitcoin hit US$100,000 or go even higher in 2022?
“The king of cryptocurrencies, Bitcoin, has been struggling to gain momentum over the last few weeks after we witnessed a massive selloff in financial markets sparked by the news of the Omicron variant,” said Avatrade chief market analyst Naeem Aslam.
Ethereum, still comfortably the second-largest digital currency, has mostly followed Bitcoin lower as it similarly shed more than 18% of its value during the same period.
On Tuesday morning, Eth was down 0.5% at US$3,813.
Aslam, meanwhile, believes that cryptocurrency fortunes could be set to turn soon.
“Bitcoin is highly likely to climb to US$100,000 by June this year,” as companies are adding digital coins to their treasures, he added.
Polkadot, Algorand, and Chainlink are the only three of the top 20 cryptos that have experienced positive movements in their prices today, with 0.3%, 2.7%, and 6.1% gains respectively.
They are also the only risers across the previous seven days amongst the most popular cryptos.
Cosmos and Phantom, which are ranked 25th and 28th in terms of popularity, both climbed into the top 30 cryptos whilst the festivities unfolded and have continued to rise with 11.6% and 18.4% surges today, respectively – two of the three biggest movers in the top 50.
Onto the meme coins – Dogecoin, now the twelfth largest digital currency, has fallen in the same vicinity as Bitcoin and Ethereum over the last month and slipped 1.0% today.
Its rival meme-coin Shiba Inu has taken a larger tumble in recent weeks, and today dipped 2.3% and is down 25% in the last month.
Notable headlines in the crypto and crypto-adjacent world this morning include China’s internet watchdog tightening up regulations in the People’s Republic, requiring “digital-platform operators with more than 1mln users [subject] to a cybersecurity review if they plan to list overseas,” according to MarketWatch.
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