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Bitcoin dips by 0.63% to trade at $48,997.87

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Popular cryptocurrency, Bitcoin, dipped by 0.63% to trade at $48,997.87 in the early hours of Monday.

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This is coming after a previous 20% drop to trade at $42,000 over the weekend.

Experts say the results played out against the bullishness of investors as they had predicted a run at $100,000 a week ago.

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This is also amidst uncertainty over the Federal Reserve inching towards tighter monetary policy in the face of surging inflation, and global fears over the new Omicron variant of COVID-19.

The dramatic crash was super-charged by liquidations in the crypto derivatives market, market players say.

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Similarly, Ethereum, the world’s second largest cryptocurrency by market capitalization dropped by 0.98% to trade at $4,160.10.

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