BTC Dips Below $46K As Omicron Fears Settle Down: Analysis

BTC dips below $46K as the Omicron variant of the COVID-19 virus and fears around it settle down as we can see in our latest Bitcoin news today.

The latest fears prompted by the new variant pushed the global markets as well as Bitcoin south again so BTC dips below $46K. The suffering for BTC continues as the coin failed to reach $47,000 and dropped below $46,000 with most of the other altcoins being in the red again and Ethereum trading below $3800. Binance coin also broke below $500. A few days ago, the main cryptocurrency seemed more bullish when it neared the $50,000 price range after a US fed statement in regards to the inflation rates. It was unable to surpass the level and started to lose value gradually and dropped below $46,000 in the next few days but then quickly shot up to $48,000.

The bears continued to have a strong grip on the market and pushed the asset south and as of now, Bitcoin trades around $46,000 as it dipped below that level a few minutes ago. The situation with the global stock markets is similar as most stock indexes lost value last week on the fears for the latest variant of the COVID-19 pandemic. The futures contracts on the S&P 500, Nasdaq, and Dow Jones all crashed before the trading day. Similar to Bitcoin, most other altcoins are in the red today and Ethereum lost another 4.5% of its value and it is now sitting below $3800. The second-biggest cryptocurrency was stuck below the $4000 price range for a week now.

Binance coin is down by 5% since a day ago and it is standing just over $510. Solana dropped by 7%, ADA by 4.5%, Avalanche by 8%, Polkadot by 5.5%, DOGE also by 5.5%, MATIC by 6.5%. XRP is the only larger-cap altcoin that is in the green as the token is up by more than 3% and now stands at $0.85. other gainers come from the lower-cap altcoins with Revain leading after the 13% increase. Most other altcoins are in the red and the cryptocurrency market cap is down by $100 billion to over $2.1 trillion.

The number one cryptocurrency can’t seem to recover from the strong waves on the market but if you want to check the real-time value of BTC, make sure to check out our Bitcoin price calculator.