After a significant drop over the weekend, the price of bitcoin hovered around USD49,000 on Monday. According to CoinMarketCap, the world's most popular cryptocurrency Bitcoin declined 0.15 percent in the last 24 hours to USD49,031.52 during morning session on December 6. On Friday, cryptocurrency prices began to plummet as stocks fell and investors fled to the safety of Treasuries on Wall Street. Bitcoin is currently down over 30 percent from its all-time high of nearly USD69,000 set earlier this month.

On December 6, the global cryptocurrency market capitalization fell 0.94 percent to USD2.28 trillion. In a single day, the overall cryptocurrency market volume fell by 40 percent to USD121.67 billion. The overall volume in DeFi was USD17.87 billion at the time of writing, accounting for 14.69 percent of the entire 24-hour activity in the crypto market. According to CoinMarketCap, the overall volume of all stable coins was USD94.49 billion, or 77.66 percent of the total crypto market 24-hour volume.

Binance Coin, Tether, and Solana were all in the red today. In the last 24 hours, Binance Coin has down 2.84 percent to USD547.80, while Solana has dropped 1.45 percent to USD192.35. According to CoinMarketCap, Tether lost 0.08 percent to USD1.00.

Last week, the crypto world was shaken by the appearance of omicron, a new form of Covid-19. Bitcoin officially entered bear market on November 26 when it fell to a seven-week low near USD54,000. The Covid-19 omicron variation has been found in 38 countries, according to the World Health Organization.

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