Bitcoin (BTC) Enters Bear Market with New Covid Variant

Bitcoin prices have fallen sharply in the midst of global stock sales.

Luke McGregor | Bloomberg | Getty Images

Bitcoin It plunged alongside other assets on Friday, hitting a six-week low and officially entering the bear market territory.

Bitcoin has fallen 7% to $ 54,561 in the last 24 hours, the lowest level since October 8, according to Coinmetrics data. Cryptocurrencies are down 20% from a record high of nearly $ 69,000. Early this month..

The bear market is usually defined as a drop of 20% or more from recent highs.

Other cryptocurrencies also plunged on Friday. ether, The second largest cryptocurrency fell more than 10% to $ 4,007, XRP It fell 10% to about 95 cents.

Digital currencies are declining alongside other risk assets in a panic against a new, highly mutated variant of the coronavirus that was first detected in South Africa.

On Thursday, the World Health Organization described a new variant known as B.1.1.529, which is believed to contain more than 30 mutations.UK and other countries have Suspended flight Correspondingly from 6 African countries.

Bitcoin is often referred to by its proponents as “digital gold.” This is a reference to the status of yellow metal as a so-called safe haven asset.

Cryptocurrencies say cryptocurrencies provide value storage and hedging against inflation.

Bitcoin (BTC) Enters Bear Market with New Covid Variant

Source link Bitcoin (BTC) Enters Bear Market with New Covid Variant

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