Bitcoin Drops Below $46,000 Amid Global Fears of Omicron
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Bitcoin’s suffering continues as the flagship cryptocurrency crashed below $46,000 on Monday morning
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Most altcoins are also in the red, with the second-largest crypto by market cap Ethereum falling below $3800
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Most stock indexes have lost value in the last week amid fears of the new variant of the COVID-19 pandemic
Bitcoin has continued to plummet for the 6th successive week as the flagship cryptocurrency fell below $46,000 on Monday morning.
The movement of the world’s largest cryptocurrency also influenced others with many altcoins showing red as well.
Ethereum fell below the $3,800 zone while Binance coin (BNB) fell closer to the psychological barrier of $500.
Just a few days ago, BTC seemed more bullish as it neared $50,000 following the US Fed statement in regards to the global rate of inflation.
However, it failed to break that level and it has since lost value gradually and has fallen below $46,000 twice.
As of now, Bitcoin is trading at $45,777, down 2.8% in the past 24 hours and 5.58% in the last 7 days, according to data from CoinMarketCap.
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The situation of the cryptocurrency market is somewhat identical to that of the global stock market.
Most stock indexes have lost value due to fears of the new Omicron variant of COVID-19 which has taken the world by storm.
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