Bitcoin, Ether and Cryptos Across the Board Slump Amid New Covid-19 Variant Fears

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Cryptocurrencies such as bitcoin are falling on Friday amid a broad market slump.

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Chris McGraw/Getty Images

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The Cryptocurrency Was Behaving Like Other Assets as Bitcoin on Friday,

A wide range of ether and crypto collapsed amid widespread fears over a new, heavily mutated version of Covid-19.

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bitcoin, the leading crypto With a market capitalization of over $1 trillion, falling more than 6% to below $55,000, monthly minimum, According to price data from CoinDesk,

Ether, the second largest digital asset, was down about 7% Just over $4,000.

Popular “meme” crypto Dogecoin was not spared, 8% fall,

Markets are rocking amid concerns about a new version of COVID-19, known as B.1.1.529, first identified in Botswana and described as a “serious concern” by South Africa’s health minister. subject” was reported.

The potential impact of this new version has prompted renewed travel restrictions and widespread declines in stocks, oil prices, bond yields—and even crypto.

“Bitcoin is not providing much hedge,” analyst Neil Wilson at BrokerMarkets.com said in a note. Cryptocurrencies like bitcoin have been favored as investments partly because they are considered mostly divorced from mainstream financial market pressures.

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