The Black Friday shopping frenzy went into full swing, on the last day as many people aimed to take advantage of some of the finest offers available. There were a lot of amazing early Black Friday deals on several products, including popular electronics, gadgets, household items, and many more. This year, though, some people were looking for a different type of deal, such as a Black Friday discount to buy Bitcoin.
The world's most popular digital currency happened to be on sale on Black Friday. Because the price began to plummet in the late hours of Thursday and persisted into the early hours of Black Friday. Many people rushed to buy Bitcoin at a lower price. One option is e.g. buying one of the top Canadian bitcoin ETFs. However, on Black Friday, it was not just Bitcoin's price that plummeted. Similar discounts were available on several other popular cryptocurrencies. And all their prices eventually dropped by at least 10% at the end of Black Friday.
As Black Friday kicked off, bitcoin and cryptocurrency prices plummeted, along with stock markets around the world, tumbling on new fears over a new Covid-19 variant, Omicron. The bitcoin price dropped below $55,000 per bitcoin for the first time since mid-October, falling 5% in the twenty-four hours. Meanwhile, Ethereum, the second-biggest cryptocurrency behind Bitcoin, fell below the $4,000 per ether mark, which has been keenly followed.
The broad bitcoin and crypto sell-off has wiped nearly $200 billion from the combined crypto market value, including Binance's BNB, solana, cardano, Ripple's XRP, and dogecoin. However, this was the period many investors chose to buy Bitcoin to take advantage of the price drop.
For some, it was the perfect time to buy Bitcoin. For others, however, the price crash could not have been more devastating. On Black Friday, the price of bitcoin dropped. Bitcoin price dropped from a high of over $59,000 on Thursday to a low of roughly $53,355 at the time of writing. This is around $5,800 less than the previous close, or roughly 10% less in the early hours of Black Friday.
This isn't unheard of in the cryptocurrency industry. Volatility like this is nothing new to experienced traders. On other days, these wild price swings work in their favor, allowing them to make huge profits. On others, the price is rapidly decreasing. For individuals who aren't used to such price swings, it might be a terrible experience. And this is especially true for individuals who decided to buy Bitcoin earlier this week.
Those who are accustomed to buying on the cheap-that is, when the price of a commodity, asset, or cryptocurrency fell-cherished the surprising Black Friday bitcoin sale as it gave them the ample opportunity to buy Bitcoin at a lower price.
Many investors took advantage of this price crash even if they preferred other digital currencies to bitcoin. Everything, even major coins like Ethereum, Ripple, and Cardano, followed Bitcoin. Doge and Shiba Inu, two meme coins, fared no better.
However, the Bitcoin price crash was short-lived as crypto markets rebounded after the Black Friday anomaly as investors returned their attention to rising global inflation fears.
The crypto market fell by over 12% on Friday, from $2.627 trillion to $2.394 trillion. The entire cryptocurrency market was worth roughly $3 trillion when bitcoin reached its all-time high a few days ago.
To put it another way, bitcoin had been declining for several days, which is considered ormal in the market. It can continue to fall as well as rebound. Cryptocurrencies have no actual predictability, which is one of the reasons why so many people are interested in them.
Although drops like the Black Friday Bitcoin transaction might be frightening, the prospect of massive gains continues to attract new investors to buy Bitcoin.
Governments are terrified by all of this since cryptocurrencies pose a threat to the financial system. In the past, China has taken several harsh actions against Bitcoin and cryptocurrencies, and the price of Bitcoin has fallen each time. Nevertheless, it subsequently bounced back and hit new highs.
However, when it comes to Bitcoin and the cryptocurrency ecosystem, there's no way of knowing what will happen on a Black Friday.