Bitcoin starts new week on the front foot, rebounds to $58,000

Bitcoin starts new week on the front foot, rebounds to $58,000

Bitcoin has managed to pull off a swift recovery after falling below $54,000 on Friday.

The flagship cryptocurrency plunged over 9% on Nov. 26 amid concerns that the Covid-19 pandemic may worsen due to the new Omicron variant. However, it soared by over 7% on Sunday, putting the bulls back in charge and starting the new week with a bang.

Nevertheless, Bitcoin will have to gain a further 6% in order to record a green monthly candle in November. It is also 17.03% away from reaching its all-time high of $69,044, which was attained on Nov. 10.

Bitcoin is not the only asset that has bounced back from a recent decline. Other major markets like the U.S. stock futures are also in rally mode. The S&P 500 index is on track to gain 0.69%. Crude oil also staged a recovery after the WTI price recorded the biggest one-day drop since it went south in April 2020. Even spot gold, which shed $10 at open, has also managed to gain some ground.

Other top cryptocurrencies have also recorded daily gains. Ethereum, for instance, is back above $4,300 after gaining approximately 5% in the past 24 hours.

Read more

69th Reason For National Bitcoin Reserve: Low-Friction Crypto Corridors Strengthen Diaspora Remittances

69th Reason For National Bitcoin Reserve: Low-Friction Crypto Corridors Strengthen Diaspora Remittances

Bitcoin-based remittance channels provide substantial economic benefits for countries with large diaspora populations abroad. When nations hold Bitcoin as part of their reserves, they establish direct payment corridors that reduce friction costs associated with traditional money transfer services. These savings directly benefit receiving households, as transaction fees drop from an

By Albert Morgan