New Delhi: Bitcoin made a decent recovery on Thursday (December 24) to jump back to $51,000 levels after more than two weeks, buoyed by ebbing concerns over the severity of the new COVID-19 variant – Omicron.
Following the global bullish trends, bitcoin rose 4.5% on Thursday, one of its best days in nearly a month. The digital coin held onto the gains on Friday in Asia and was trading just above $51,000.
On the other hand, the second-most popular cryptocurrency in the world, Ether, was trading with a rise of about 4% at about $4,100.
The jump in Bitcoin prices has come after the yield on benchmark 10-year Treasury notes was 1.4926 at their Thursday close having touched more than a one-week high of 1.5010% earlier in the session as investors sold government bonds as part of the risk-on mood, according to a report by Reuters.
The trading patterns in Bitcoin, the world’s largest cryptocurrency by market capitalisation, are increasingly becoming more aligned with risk-on and risk-off movements of traditional markets.
One of the major reasons behind cryptocurrency such as Bitcoin following traditional market moves is the rising influence of institutional investors in the crypto world. In 2021 so far, Bitcoin has jumped about 76%, right on course for the third year of gains.