New Delhi: The cryptocurrency market has taken a hit amid fears of the new variant of Covid first detected in South Africa. The price of Bitcoin, the world’s oldest and largest cryptocurrency, fell 9%, or nearly Rs 4 lakh, to around $ 53,552 on Friday. It then gained in value somewhat and Bitcoin was seen trading nearly 7.30% down to $ 54,695.
Ether also decreases
At the same time, the price of the second largest cryptocoin, Ether, fell as much as 12% on Friday. Although it improved slightly afterward, it was trading for $ 4,087, down 9.69%. At the same time, around 8.3% in Dogecoin, while Shiba Inu was trading down 5%.
The price of Bitcoin hit an all-time high this month since it has fallen almost 20%. Its price hit $ 69,000 earlier this month when the first Bitcoin exchange-traded fund in the United States was cleared to trade.
Cause of decline
Currently, the price of bitcoin is close to its 100-day moving average of $ 53,940, which can serve as a base of support for any further decline. In some countries in South Africa, there was panic in the markets on Friday as a new variant of the coronavirus was discovered. The US stock market opened in the red mark and the Indian stock market saw the biggest drop since April.
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