Bitcoin Looks Steady After Major Crash

Although Bitcoin, the world’s largest cryptocurrency is currently sitting at almost double of what it was some months ago, the next price isn’t quite certain yet.

The Fear and Greed Index currently sits in fear, where it’s spent much of the last couple of months, and it’s unclear which direction we’ll head in next.

Despite the uncertainty, Bitcoin did spend much of last week recovering from the previous weekend’s crash and climbed back above the $50,000 mark on Sunday.

The rebound came two days after the S&P 500 closed Friday at a level close to its all-time high, as the global financial markets continue to recover amid the uncertainty surrounding the Omicron variant.

It’s since dropped to about $49,000, down about 1% compared to its price a day earlier but up 2% on the week.

This follows other major cryptocurrencies, which are also largely unmoved over the past day, and actually roughly breaking even over the past week.

The coin closed yesterday, 12 December 2021, at a price of $50,098.34, up from $49,362.51 the day before.

The daily high recorded was at $50,724.87 and the daily low was $48,725.85.

This time last year, the price of Bitcoin closed the day at $19,142.38. In 2019, it closed at $7,269.68.

Bitcoin’s market capitalisation at time of writing is $926.57 trillion. To put it into context, the market cap of gold is $11.341 trillion and Tesla is $1.021 trillion.

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