  The latest moves in crypto markets, in context Edited by Bradley Keoun December 8, 2021 Sponsored by  Bitcoin (BTC) See the latest price here Ether (ETH) See the latest price here If you were forwarded this newsletter and would like to receive it, sign up here.
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Market Moves by Lyllah Ledesma Bitcoin was the big loser in cryptocurrency markets on Wednesday, down 5% on the day as investors weighed concerns about the Covid-19 omicron variant.
The world's largest cryptocurrency was trading above $51,000 on Tuesday and began to drop below the $50,000 mark at around 10:30 a.m. coordinated universal time (UTC). As of press time bitcoin (BTC) was changing hands around $49,645.
Ether (ETH), the second largest cryptocurrency by market capitalization, was down 3% in the last 24 hours.
European stock markets wavered after witnessing a sharp rise on Tuesday as investors grew more cautiously optimistic after studies showed vaccines provide partial shield against the omicron variant.
Polygon's MATIC token was up 6% in the last 24 hours, Chainlink (LINK) by 9.6% and Uniswap (UNI) by 2.5%, according to data from Messari.  Bitcoin price chart over past 24 hours shows drop below $50,000. (CoinDesk) Laurent Kssis, a crypto exchange-traded fund (ETF) expert and director of CEC Capital, a crypto trading advisory firm, said that both bitcoin and ether remain vulnerable to price pullbacks, fueled by leverage washouts. According to the data site Coinglass, some $187 million of crypto trading positions were liquidated over the past 24 hours.
"This is skewed to long liquidations, which will inevitably put downward pressure on BTC," said Kssis.
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ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV: Bitcoin Outlook as Price Breaks $50K, CoinDesk's 'Most Influential 2021' Winners Announced
Announcing CoinDesk's "Most Influential 2021" winners! Most Influential is an annual list of people who defined the year in crypto. Managing Editor Ben Schiller reveals who the top winners are and why they made the list. Also joining are Huobi Brokerage Director Victor Wei with markets analysis and Michael Bouhanna of Sotheby's discusses art in the metaverse.
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.
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