Bitcoin pricesAfter Sunday’s morning service, the situation stabilized. wild tradingThe cryptocurrency plummeted more than 17% within 24 hours.

Coin Metrics data shows that the currency traded around $95,953 on Wall Street at 9:00 a.m., Sunday. After trading at $57,000 Friday, bitcoin fell to $43,000 Saturday.

After Friday’s dramatic plunge in Bitcoin, the sharp fall continues risk-off toneIn the wider market. The three main averages ended Friday’s trading with losses. This was due to fears about the impact of the Omicron Covid variant on the economic recovery.

With the yield of the U.S. Treasury 10-year moving lower, investors opted for safer investments.

The Nasdaq Composite underperformed the Dow and S&P 500 on Friday, with technology stocks getting hit especially hard. This selling also extended to cryptocurrency, but there was no clear reason that led to sharp falls across all crypto-spaces.

The selling activity over the past 48-hours has continued to build on the recent falls in bitcoin. November 26th saw the official entry into bear market territory for cryptocurrency after falling to an initial low of $54,000 seven weeks ago.

Bitcoin now stands at 30% of its historic high near $69,000 which was reached in November.

Oanda senior market analyst Ed Moya stated that Bitcoin is currently in “no man’s territory” and will not change anytime soon. He added that “The bullish long-term case for bitcoin remains solid but prices look poised consolidate between $52,000 to $60,000,”

EtherThe cryptocurrency also stabilised on Sunday. It gained 1.5% to $4.176. After falling more than 16% between Friday morning and Saturday morning, the price of Ether fell to $3,500 on Saturday. Ether, the second largest cryptocurrency in terms of market value, is now number one.

Reporting contributed by Tanaya Macheel and Weizhen Tan of CNBC.