Crypto Attempts Recovery From Black Friday Falls

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Writing on Monday morning, we see that the crypto market has somewhat managed to recover some of the losses sustained both on ‘Black Friday’ and over the weekend as the world’s financial markets try to shake off the spookiness of an unknown and new Covid-19 variant known as Omicron.

At the time of writing, Bitcoin is trading at $57k again and was seriously in the green for the day. Other altcoins also showed significant gains.

Japan closes borders

It comes after the World Health Organization on Friday labeled Omicron “a variant of concern,” meaning that it could be more transmissible and virulent and global stock markets fell in response. Over the weekend, many countries imposed travel restrictions on various South African nations, which meant that economists were calculating on a further recession during the winter period, which is already being market by high inflation and supply chain issues.

https://twitter.com/prestonjbyrne/status/1465186673453682696

Some countries even closed their borders to all foreigners, like Israel and Japan (this morning).

There’s now 500 liquid crypto assets with a market cap of $100mm or greater, and hundreds more that will launch in that range, but I’m sure institutions will only want to touch BTC and ETH.

— Ryan Selkis (@twobitidiot) November 29, 2021

The Bitcoin Fear and Greed Index, which measures market emotions, entered “Extreme Fear” once again, the lowest level since the end of September, which could signify we’re in for a bounce.

Analysts expect Wall Street to only dare to touch Bitcoin and Ether at this point though, because as Ryan Selkis just summarized:

There’s now 500 liquid crypto assets with a market cap of $100mm or greater, and hundreds more that will launch in that range, but I’m sure institutions will only want to touch BTC and ETH.