Connect with us

Hi, what are you looking for?

SOL148.442.13%DOGE0.190.59%USDC1.000.09%BNB499.301.12%AVAX93.031.93%XLM0.260.97%
BCH390.600.88%XRP0.780.47%USDT1.000%DOT27.772.36%LTC148.000.89%ADA1.280.71%
THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Business

Business

Cryptocurrencies tumble as coronavirus variant shakes markets

Cryptocurrencies tumble as coronavirus variant shakes markets
A representation of the virtual cryptocurrency Bitcoin is seen in this picture illustration taken Oc... A representation of the virtual cryptocurrency Bitcoin is seen in this picture illustration taken October 19, 2021. REUTERS/Edgar Su/File Photo/File Photo

Listen to the article now

Bitcoin tumbled over 9% on Friday along with other cryptocurrencies, dragging smaller tokens down after discovering a new, potentially vaccine-resistant coronavirus variant that saw investors dump riskier assets for the perceived safety of bonds, the yen, and the dollar.

The largest digital currency, Bitcoin, fell as much as 9.2% to $53,551, its lowest since Oct. 10. Likewise, the second-largest cryptocurrency ether fell over 13% to its lowest in a month as investors ditched cryptocurrencies.

Bitcoin, whose 13-year life has been peppered by bouts of extreme volatility, was on track for its biggest one-day drop since Sept. 20. It has slumped by more than a fifth since hitting a record high of almost $70,000 earlier this month.

Scientists said the coronavirus variant, detected in South Africa, Botswana, and Hong Kong, has an unusual combination of mutations and may be able to evade immune responses or make it more transmissible. read more

“The spread of (the variant), especially to other countries, could wither investor appetite further,” said Yuya Hasegawa at Tokyo-based exchange Bitbank. “BTC’s upside will likely be limited and the market should brace for further loss.”

Bitcoin hit an all-time high of $69,000 earlier this month as more large investors embraced cryptocurrencies, with many drawn to its purported inflation-resistant qualities.

Others have piled into the digital token on the promise of quick gains, a draw that has heightened record low or negative interest rates. Yet bitcoin’s volatility has lingered, drawing questions over its suitability as a stable store of value.

Ether was last at $3,924. It is down almost 20% from its record high hit on Nov. 10.

Binance coin recorded a loss of 9% over the past 24 hours, recently trading at $579.5. Solana SOLUSD, -8.09% dropped 10.4% over the past 24 hours to $190, while Cardano ADAUSD, -8.08% fell 9.4% over the past 24 hours to $1.5. XRP XRPEUR, -10.01% plummeted 9.4% over the past 24 hours to $0.95.

Dogecoin DOGEUSD -8.08% is trading at around $0.206, with an 8.4% loss over the past 24 hours. Shiba Inu fell 6% over the past 24 hours to $0.000038.

The crypto market sell-offs are in line with other risky assets. For example, Dow Jones Industrial Average futures YM00, -2.94% slumped 793 points, or 2.2%, to 34957.

The World Health Organization is meeting on Friday to assess the new COVID strain B.1.1.529.


Comment Template

You May Also Like

Tim Cook

The Journey of Tim Cook

8 min read

Timothy D. Cook is the chief executive officer (CEO) of Apple Inc. Timothy graduated from Auburn University with a bachelor’s degree in industrial engineering. Later on, Crook attained an MBA fr...  Read more