Bitcoin’s (BTC) price plunged below $45,000 Saturday, as the market chart indicates high spot trading sales volume.
Takeaway points
- Bitcoin crashed to 42,000
- Analysts say the fear of the new Omicron virus may have been responsible for the crash
- The crash triggered a buying spree from Bitcoin key players including Micheal Saylor and Nayib Bukele
The Impact of the Bitcoin Crash
Analysts say Investors’ fear of the new Omicron Covid-19 variant, market sentiments, and increasing government regulations may have been responsible for the unprecedented drop.
BTC/USDT hit the short-term $42,000 before reclaiming a $47,000 position at a -14% dip. Many major altcoins dropped more than 20% in the last 24 hours following Bitcoins drop.
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The Dec.4, flash-crash is the second biggest impact after the March 11, 2020 crash.
Key players respond by buying more coins
Many key players have responded to the crash by acquiring more coins.
Micheal Saylor, Microstrategy’s CEO, responded to the crash in a tweet, showing he is not bothered about the crash. “Bitcoin and Chill,” he tweeted.
As of press time, Micro strategy, Micheal Saylor’s company, owns more than 100,000 BTC worth over $3 Billion
Nayib Bukele the president of El Salvador, in a tweet, confirmed reports that the country bought the dip by acquiring an extra 150 BTC, increasing their Bitcoin holding.
“El Salvador just bought the dip! 150 coins at an average USD price of ~$48,670,” he tweeted.
El Salvador is the first country to recognise Bitcoin as an official legal tender.
