Bitcoin below $50,000, at early October levels, after weekend's battering
business-standard.comBitcoin hovered around $49,000 on Monday, down 1.5% on the day, as traders nursed losses after a brutal weekend in which the price of the world's largest digital asset at one point lost over one fifth of its value.
The rout sent bitcoin's price and the amount invested in bitcoin futures back to where they were in early October, before the massive price surge that sent the token to its all time high of $69,000 on Nov. 10.
"Our expectation is the rest of Q4 will be a hard month; we aren't seeing the strength in bitcoin that we generally see after one of these crushing days, leverage markets have been completely reset, and open interest within leverage markets has completely reset," said Matt Dibb, chief operating officer of Stackfunds.
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