Bitcoin Price Stable as Traders Assess Threat from Omicron

Bitcoin Price Stable

Created by TradeOr

3rd Party Analysis 01 Dec 2021

Key Takeaways:

  • Bitcoin price moves steady near $58,000 as traders digest recent Omicron virus updates
  • Prospects for the cryptocurrency market remain bright with growing adoption

What’s Today’s News in Crypto?

Bitcoin has been facing increased jitters over the past two weeks as its price has been searching for direction. On this note, looming threats from the Omicron Covid-19 strain have put crypto traders more on the defense side.

As the situation around the new and potentially more infectious variant changes constantly, bitcoin’s price sees elevated volatility. With this in mind, the orange coin attempted to rebound from Friday’s selloff yesterday.

Moreover, for the past three days, the original cryptocurrency has been steadily gaining. As a result, it reached a weekly high on Tuesday when price broke above $59,100 per token. In other words, bitcoin erased its Friday losses which amounted to roughly 10% as price got back to pre-selloff levels.

While uncertainties linger, market participants remain consistent in their efforts to support major crypto assets.

What’s the Price of Bitcoin?

Presently, the price of bitcoin hovers just below $58,000 per token. Early on Wednesday, traders and investors are still feeling some pressure over updates surrounding the new virus. It’s important to note that reports already say the effect from Omicron, at least in vaccinated people, would be limited.

More precisely, the founder of BioNTech, the drugmaker that developed a Covid-19 vaccine together with Pfizer, urged the people not to panic. According to him, existing vaccines will most likely offer protection to vaccinated people.

On that note, once the threat from the Omicron variant is lifted from the market, the outlook for crypto could greatly improve. Further, many traders who have been waiting for a pullback in prices are now heading into the market and buying the dip.

Ether, for example, has been rallying this week. In more detail, the second-biggest cryptocurrency advanced 10% Tuesday to early Wednesday to reach $4,800. Moreover, for the past four days, the Ethereum token has gained 20% and has surpassed its levels before the selloff last week.