The relationship between the cryptocurrency Bitcoin and stocks continued to vary, as the value of the leading digital currency declined while US stock prices rose after the release of strong data on jobs in the United States. This indicates that investor confidence has not fully recovered from the collapse in digital asset prices witnessed this year.
The value of the world’s largest digital currency fell by 3.3%, reaching $66,354 per unit at the beginning of New York trading on Wednesday. The value of Ethereum, the second largest digital currency, also fell by 3.8%, reaching its lowest level during the day at $1,931 per unit.
Bloomberg News Agency quoted Alex Kubtskevich, chief market analyst at FX Pro Group, in a note: “The price of Bitcoin fell below $67,000, recording its third daily decline. After the currency rose on Friday by 20% from its low level, it lost about half of these gains” during the current week, according to the German News Agency (DPA).
He added: “The price of Bitcoin fell below $67,000, recording a third daily decline.” On Friday, the leading digital currency witnessed its largest rise in about three years, compensating for most of the losses it incurred during the collapse of the digital currency market on Thursday, which led to its price falling by more than 50% from its peak recorded in October.
Tony Sycamore, an analyst at IG Australia, said: “We believe that the lowest level reached by the currency price last week at $60,000, which was achieved thanks to huge trading volumes, is just a capitulation, and it is still difficult to find a clear catalyst for a sustainable recovery.” (Arabic)
