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

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

BTC/USD 1‑hour can­dle chart (Bit­stamp). Source: TradingView

Pfizer gains as coronavirus panic sets in

Data from Coin­tele­graph Mar­kets Pro and Trad­ingView showed BTC/USD end­ing its down­turn at just above $53,500 on Bitstamp.

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

Both cryp­to and tra­di­tion­al assets were rat­tled on the day thanks to the pro­lif­er­a­tion of a new COVID-19 vari­ant, des­ig­nat­ed “Nu,” which some par­ties claim could pose a prob­lem for vac­cine programs.

Pfiz­er, one of the major pro­duc­ers of COVID-19 vac­cines, con­spic­u­ous­ly bucked the ner­vous mar­ket down­trend, up 7% at the Wall Street open. By con­trast, the S&P 500 was down 1.5%.

Pfiz­er 1‑hour can­dle chart (NYSE). Source: TradingView

In what will be famil­iar to those who wit­nessed the events of March 2020, Bit­coin thus aban­doned its asym­met­ri­cal invest­ment traits to fall in line with both equi­ties and the U.S. dollar.

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

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

BTC transaction volume hits all-time high

Among cryp­to ana­lysts and oth­er long­time par­tic­i­pants, how­ev­er, there were still few signs of gen­uine bearishness.

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

“Mas­sive cor­rec­tions = mas­sive buy oppor­tu­ni­ties,” Coin­tele­graph con­trib­u­tor Michaël van de Poppe sum­ma­rized.

While 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.

Bit­coin trans­ac­tion vol­ume chart. Source: Kevin Rooke/Twitter



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