Bitcoin dropped below the 49,000 level, riskier currencies AUD, NZD, and CNY on the rise

Last week was a volatile week. Both the FX and equity markets experienced great ups and downs. Overall, USD has been growing aggressively, due to the expectations on earlier rate hikes. Omicron has shattered the market by posing much uncertainty ahead, supporting safe-haven currencies such as JPY. On the other hand, US stocks fell sharply. Some of the biggest drops came from Chinese tech companies, among which DiDi will soon delist itself from the US market.

As fears over Omicron calmed, riskier currencies such as AUD and NZD both rose against the USD. These two currencies have been trading around their 13-month low previously. Currently, AUDUSD is trading around 0.7016, up 0.21%. NZDUSD is trading around 0.6745, up 0.1%. On the other hand, China’s trade surplus has been supporting CNY, despite potential upcoming policy easing.

Bitcoin prices dropped sharply on Saturday, plunging to around $43,000 before rebounding. Investors were probably impacted by the sharp fall in stocks on Friday and fled to Treasuries for safety.