Cryptocurrency

As Pfizer profited from the new panic about the “Nu” variant of the coronavirus, Bitcoin reversed the “bear market” with USD 53.5K

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Bitcoin (Bitcoin) When Wall Street opened on November 26, after concerns about new COVID-19 variants triggered a global market sell-off, some of the decline was halted.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

As the coronavirus panic begins, Pfizer shares rise

Data from Cointelegraph Markets Pro with Transaction view It shows that BTC/USD ended its downtrend on Bitstamp at a price slightly higher than $53,500.

With a sense of balance returning to the cryptocurrency market, this pair of currencies has increased by nearly $1,500 and is trading at approximately $54,400 at the time of writing.

Due to the proliferation of the new COVID-19 variant (named “Nu”), both crypto assets and traditional assets were hit that day, and some people claimed that this may cause problems for the vaccine program.

Pfizer is one of the major manufacturers of COVID-19 vaccines, and it clearly reversed the tight market downtrend at the opening of Wall Street, rising by 7%. In contrast, the Standard & Poor’s 500 Index fell 1.5%.

Pfizer 1-hour candlestick chart (New York Stock Exchange). Source: TradingView

Those who have witnessed the events of March 2020 will be familiar with Bitcoin. As a result, Bitcoin abandoned its asymmetric investment characteristics and fell at the same time as stocks and the U.S. dollar.

The drop below $54,000 was accompanied by a series of familiar doubts from sources including mainstream media and CNBC. join in Bloomberg claims that Bitcoin has “entered the bear market.”

“Let’s see how the daily candlestick chart closes,” trader and analyst Rekt Capital said cautiously when talking about the impact of the day’s trend on the long-term prospects of Bitcoin.

BTC trading volume hit a record high

However, among crypto analysts and other long-term participants, there are still few signs of a real bearish trend.

related: Bitcoin offers “Black Friday transactions” at a price of less than $55,000 in BTC-just like 2020

“Massive corrections = massive buying opportunities,” Cointelegraph writer Michaël van de Poppe Summarize.

Although the low of November 26 is already Not seen since mid-OctoberIn general, Bitcoin’s performance in the fourth quarter not only remained profitable, but was also completely consistent with previous bull market years.

At the same time, in the panic about the spot price, data showed that November 25 was the day with the largest transaction volume on a single chain in Bitcoin history.

“Bitcoin hit a record high in transaction volume yesterday, with on-chain settlement valued at 36.5 billion U.S. dollars,” researcher Kevin Rooke Comment.

Bitcoin transaction volume chart.Source: Kevin Luke/Twitter