Bitcoin Price Today News

On Friday, the cryptocurrency slumped as much as 5% on Friday to its lowest since late September. Since November, the cryptocurrency has lost more than 40%. The broader sell-off for cryptocurrencies is driven by concerns about tighter US monetary policy.

Bitcoin prices were buoyed by ebbing concerns over the severity of the new COVID-19 variant/ The second-most popular cryptocurrency in the world, Ether, was trading with a rise of about 4% at about $4,100. The trading patterns in Bitcoin are increasingly becoming more aligned with risk-on and risk-off movements of traditional markets.

Bitcoin fell as much as 9.2% to $53,551, its lowest since Oct. 10. The second largest crypto, ether, fell over 13% to its lowest in a month as investors ditched cryptocurrencies. Scientists said the coronavirus variant has an unusual combination of mutations.

Bitcoin has doubled in value since January. Its correction could get severe if it fell through $58,000, Craig Erlam, senior market analyst at online broker Oanda, said. Traders have become less willing to pay to hold long positions in bitcoin futures.

The exchange started trading on Tuesday, October 19. On Wednesday, the cryptocurrency hovered below record levels. At one point on Wednesday, it was trading at about $63,998, off 0.4%.

Cryptocurrency investors have been waiting for approval of the first U.S. ETF for bitcoin. The world`s biggest cryptocurrency rose 4.5% to its highest level since April 17. Bitcoin has risen by more than half since September 20.