Bitcoin continues to be on the defensive as the new week arrives in the United States.
It put in a spirited weekend performance to climb above $50,000 on the weekend after briefly falling below $47,000 late last week. However it's looking like the bounce was a reprieve not a reversal.
It's down through $48,000 as selling picks up over the past hour.
Bitcoin is certainly trading like a risk asset around this latest covid outbreak. The selling picked up today after the UK announced an omicron death. That shouldn't be a surprise but it was enough to highlight the covid stakes and the potential for lockdowns. The news on the number of infections in Europe and North America will certainly rise much further before it ebbs. So you either strap in for the ride or bail early.
