New Delhi: The cryptocurrency market has taken a beating amid fears that a new COVID variant has been discovered for the first time in South Africa. The price of bitcoin, the world’s oldest and largest cryptocurrency, fell by 9 percent, or about Rs 4 lakh, to about $ 53,552 on Friday. Its value later increased somewhat, and bitcoin traded down about 7.30 percent to $54,695.
ether also decreases
At the same time, the price of the second largest cryptocurrency, Ether, fell by up to 12% on Friday. Although it improved slightly later, but it was trading at $ 4,087, down 9.69 percent. At the same time, about 8.3% in Dogecoin, while Shiba Inu was trading with a decline of 5%.
The price of bitcoin hit its all-time high this month, having lost nearly 20 percent since then. Its price reached $69,000 earlier this month, when the first exchange-traded fund of bitcoin was allowed to trade in the United States.
cause of decline
Currently, bitcoin price is near its 100-day SMA at $53,940, which could act as a support base in case of further downside. In some countries of South Africa, there was a stir in the markets due to the discovery of a new variant of the corona virus on Friday. The US stock market opened in the red mark and the Indian stock market saw the biggest fall since April.