On Friday, the financial markets were a sea of red, as fears about a new coronavirus strain appear to have stifled risk appetite.
While bitcoin is currently trading 2% down on the day near $57,800, the S&P 500 futures are nursing a 1.3% loss.
The MSCI Asia-Pacific index has shed 1.8%, while the commodities complex has lost more than 2% on both sides of the Atlantic.
On the other hand, risk-averse assets such as the Japanese yen and US Treasury bonds continue to gain some good traction.
The usual risk-averse reaction follows reports of a new coronavirus variant being found in Botswana, South Africa, and Hong Kong that may be vaccine-resistant.
If these worries are realized, several countries may be forced to reinstate economically severe lockdown restrictions.
Uptick in bitcoin seen
Back to bitcoin. Technical signs indicate that the crypto’s downside is constrained around the $53,000 support level, which may keep buyers active into the $60,000 resistance.
Trading activity is projected to fall over the next few days, particularly during the Thanksgiving holiday in the U.S.
Nonetheless, some analysts anticipate an uptick in volatility in the bitcoin and ether options markets as November draws to a close.
The best time to invest in BTC
According to expert cryptocurrency trader Craig Cobb, trading conditions for cryptocurrency traders are pretty difficult at the moment. “However, this is frequently perceived as an optimal opportunity to invest in cryptocurrency,” he said.
“While many traders would love to see bitcoin fall to $54,000, its current weekly chart position puts it in an advantageous position to climb higher if that happens,” Cobb explained.
Global cryptocurrency market capitalization increased by 2.32% in the last 24 hours to $2.66 trillion. Bitcoin’s market dominance has decreased by around 0.34% during the last day to 41.55%.
Over the last 24-hours, the total cryptocurrency trading volume was $141.3 billion, an increase of 3.68%.
While DeFi ($20.07 billion) accounted for roughly 15% of total crypto volume, stablecoins ($106.5 billion) accounted for 75.35% of the 24-hour crypto market volume.
A great year for crypto
Other major cryptocurrencies, such as Ethereum ($4,467), saw a 3.72% increase. Additionally, Binance Coin ($651) soared by almost 8.3%. Solana ($207), Cardano ($1.65), and Polkadot ($38.88) all declined by 1.22%, 0.86%, and 0.21%, respectively.
“Cryptocurrency is having a phenomenal year in 2021,” Cobb explained.
Meanwhile, cryptocurrency mass adoption is already underway, as evidenced by the rise of the Metaverse and large businesses announcing NFT drops.
Americans, in particular, have shown an increasing interest in cryptocurrency, as recent Pew Research Center research revealed that over 25% of 10,371 adults in the U.S. were familiar with the notion, while only 13% were completely unfamiliar.
Additionally, according to BrokerChooser’s data, the U.S. is the third most interesting country in NFTs, trailing Canada and Australia.
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