Bitcoin back over US$50,000, as market calms after weekend turmoil

HONG KONG - Bitcoin rose 1.5per cent in early Asia on Tuesday, after firming overnight in line with equity markets and other risk assets, but many crypto traders remained on edge after Saturday's sharp and sudden plunge.

The world's largest cryptocurrency was last around US$50,800, having closed a choppy day on Monday 2.2per cent higher. "The general confidence in crypto is still high and market sentiment is coming back as we saw a general risk-on mood on Monday. Omicron’s effect looks a lot milder than the market has digested," said Edison Pun, senior market analyst at Saxo Markets in Hong Kong.

Cryptocurrency analysts were not quite sure what triggered the heavy selling. But they pointed to a plunge in margin borrowing and in fresh futures positions, as well as to activity by large holders of bitcoin as evidence of mass liquidation. That crash was the biggest since a 31per cent collapse in bitcoin's price on May 19. According to cryptocurrency analytics platform Coinglass, bitcoin's market capitalisation has fallen to about US$932 billion from US$1.25 trillion on Oct. 21.Ether, the world's second largest cryptocurrency, was last down 0.3per cent to US$4,340.Source: Reuters

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