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Bitcoin reverses ‘bear market’ at $53.5K as Pfizer gains on fresh panic over coronavirus ‘Nu’ variant

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Bitcoin (BTC) stemmed a few of its losses as Wall Road opened on Nov. 26 after concern over a brand new COVID-19 variant spark a worldwide market sell-off.

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

Pfizer good points as coronavirus panic units in

Information from Cointelegraph Markets Pro and TradingView confirmed BTC/USD ending its downturn at simply above $53,500 on Bitstamp.

The pair then added nearly $1,500 as some sense of equilibrium returned to crypto markets, buying and selling at round $54,400 on the time of writing.

Each crypto and conventional property had been rattled on the day because of the proliferation of a brand new COVID-19 variant, designated “Nu,” which some events declare might pose an issue for vaccine packages.

Pfizer, one of many main producers of COVID-19 vaccines, conspicuously bucked the nervous market downtrend, up 7% on the Wall Road open. Against this, the S&P 500 was down 1.5%.

Pfizer 1-hour candle chart (NYSE). Supply: TradingView

In what might be acquainted to those that witnessed the occasions of March 2020, Bitcoin thus deserted its asymmetrical funding traits to fall according to each equities and the U.S. greenback.

The drop beneath $54,000 was accompanied by a well-known cocktail of misgivings from sources, together with mainstream media retailers, with CNBC joining Bloomberg in claiming that Bitcoin had “entered bear market territory.”

“Let’s examine how the Day by day candle closes,” dealer and analyst Rekt Capital stated in cautious phrases concerning the impression of the day‐s strikes on Bitcoin’s longer-term outlook.

BTC transaction quantity hits all-time excessive

Amongst crypto analysts and different longtime individuals, nevertheless, there have been nonetheless few indicators of real bearishness.

Associated: Bitcoin offers ‘Black Friday deal’ with sub-$55K BTC price — Just like 2020

“Large corrections = large purchase alternatives,” Cointelegraph contributor Michaël van de Poppe summarized.

Whereas the lows of Nov. 26 have not been seen since mid-October, overall, Bitcoin’s performance in Q4 remains not only profitable but fully in line with previous bull market years.

Amid the panic over spot price, meanwhile, data showed that Nov. 25 marked the day with the largest single on-chain transaction volume in Bitcoin’s history.

“Bitcoin set another all-time high for transaction volume yesterday with $36.5 billion of value settled on-chain,” researcher Kevin Rooke commented.

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Bitcoin transaction quantity chart. Supply: Kevin Rooke/Twitter