The Black Friday deals frenzy is in full swing, as this is the day to take advantage of some of the best sales out there. We’ve seen plenty of great early Black Friday discounts on a wide variety of products, including popular electronics and gadgets that probably show up on many letters to Santa this year. But some people might be looking for a different type of discount this year, like a bitcoin Black Friday discount.
It so happens that the world’s most popular digital token is “on sale” for Black Friday. That’s because the price started tanking in the late hours of Thursday, and the crash continued in the early hours of Friday. It’s not just bitcoin that’s tanking on Black Friday. You can score similar discounts on several of the other popular cryptocurrencies. All of them fell by at least 10% at the time of this writing.
Bitcoin price drop on Black Friday
Bitcoin fell from over $59,000 on Thursday to around $53,355 at the time of this writing. That’s approximately $5,800 lower than the previous close, or a nearly 10% drop in the early hours of Black Friday.
This is hardly unusual for the cryptocurrency market. Experienced traders are already familiar with volatility like this. On some days, these crazy price swings go in their favor, helping them realize massive gains. On others, the price drops fast. It can be a terrifying experience for those who aren’t used to these price swings. And especially for those who bought bitcoin earlier in the week.
On November 15th, one bitcoin traded at over $65,000. Five days earlier, the digital token set a new all-time record, reaching a value of $69,000 per bitcoin.
Those used to buying the dip — or purchasing a commodity, stock, or cryptocurrency when the price is falling — will love this unexpected Black Friday bitcoin deal.
Even if you prefer other digital coins to bitcoin, you can still take advantage of this bloodbath. Everything followed bitcoin, including popular coins like ethereum, ripple, and cardano. Meme coins like doge and shiba inu did not fare any better.
What’s causing the Black Friday drop?
On Friday, the entire market dropped by over 12%, from $2.627 trillion to $2.394 trillion. When bitcoin hit its all-time high a few days ago, the entire cryptocurrency market had a combined value of nearly $3 trillion.
In other words, bitcoin has been falling for several days, in what’s considered to be “normal” for the market. It could continue the drop just as easily as it could rebound. There’s no real predictability when it comes to cryptocurrencies, and that’s one reason so many people have been drawn to them.
Drops like this Black Friday bitcoin deal might seem scary, but the promise of monster surges keeps attracting new investors.
All of that is terrifying to governments, as cryptocurrencies threaten the financial system. China has taken some strict measures against bitcoin and cryptocurrencies in the past, and the bitcoin price fell every single time. It then rebounded and rose to new highs.
News from India that a bitcoin ban is imminent might have prompted this week’s crash. Separately, Asian markets have incurred losses on new COVID-19 worries. Dow futures dropped more than 800 points late on Thursday as well, over fears of the new coronavirus virus variant found in South Africa. All of that fear impacted the bitcoin price.
That said, there’s no telling what will happen next on Black Friday when it comes to bitcoin and the cryptocurrency landscape. If you’ve been looking for a 10% drop in prices to get into the market, now’s your chance. But the price might just as well continue to fall.
