Cryptocurrencies Advance as Bitcoin Price Gets Closer to $60,000

30 Nov 2021 · 3rd Party Analysis

Cryptocurrencies Advance as Bitcoin Price Gets Closer to $60,000

WRITTEN BY ThorFX

In Summary:

  • Crypto assets move higher on Tuesday as market sentiment improves after Friday selloff
  • Bitcoin’s price accelerates to levels near $60,000, up for a fourth straight day

What’s Trading in the Markets?

Bitcoin, the world’s biggest cryptocurrency, attempted to stage a rally early on Tuesday, extending its gains into a fourth-straight day. As a result, the price of bitcoin reached a session high of roughly $59,000. The move to higher grounds has been strong since this weekend after the market sold off on Friday on increased Covid-19 fears.

Still, over the past four days, bitcoin has rallied about 10% as traders and investors rush to buy the dip.

Buying momentum, however, eased and soon after BTC reached its session high today, the price reversed course and slipped back below $58,000 apiece.

To this end, market participants remain optimistic the rally will continue. From retail traders to institutions, crypto backers are confident the digital asset space is still in its early stages.

With this in mind, software company MicroStrategy, famous for its aggressive bets on bitcoin, revealed a new BTC purchase. The firm, founded by Bitcoin proponent Michael Saylor, purchased 7,002 BTC worth a total of $414.4 million. The fresh acquisition brings total bitcoin holdings of MicroStrategy to 121,044 tokens.

Stocks Rise on Monday, Twitter Shares Rise and Then Tumble

Meanwhile, financial markets moved mostly higher on Monday as traders shrugged off omicron concerns. Even though the threat is still far from over, major stock indexes in the US pushed significantly to the upside. The Dow Jones, for example, gained 236 points, or 0.7%. In addition, the S&P500 and the Nasdaq Composite rallied 1.3%, and 1.9%, respectively.

In individual stocks, Twitter shares endured whipsaw trading on Monday after the news Jack Dorsey is leaving the company. While he will retain a spot on the advisory board, Mr. Dorsey steps down as CEO of Twitter. His place will be taken by current CTO Parag Agrawal.

Against this backdrop, shares of the social media gained about 13% right after the announcement was made. Later, however, the stock retreated and finished the day lower by 2.8%. At one moment Twitter shares had to be halted due to the unusually high volatility.

Tesla Shares Rally on Musk’s Demand for Cost-Cutting

At Tesla, chief executive Elon Musk urged employees to cut delivery costs in order to hit the company’s end-of-quarter goals. In an internal memo distributed by the billionaire boss, he says Tesla should focus on “minimizing the cost of deliveries rather than spending heavily on expediting fees.”

As a result, Tesla shares jumped 5% in Monday trading to hit a closing price of $1,136.99 per share.

What to Expect in the Markets?

In that context, fears over new lockdowns and economic restrictions appear to lead the market mood early on Tuesday. With this in mind, stock futures turned deeply negative ahead of the opening bell in New York.

Futures on the Dow Jones were down about 500 points, or 1.5%. Also, S&P500 futures dropped over 1% and Nasdaq futures tumbled roughly 0.7% in pre-market activity today.

To this end, expect high volatility to be present over the global financial markets as the Covid-19 situation develops by the hour.

Economic News Today (EST time)

Today, inflation data from the eurozone arrives at 05:00 am. Then, at 08:30 am, Canada reveals its GDP data for September. Later, at 10:00 am, Federal Reserve Chairman Jerome Powell will address the US economy in testimony before US lawmakers.

In the evening, at 07:30 pm, Australia will publish its GDP data for the third quarter.

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