Bitcoin saw its value crashing on Saturday, touching a 7-week low following the emergence of a new coronavirus variant in South Africa. The world’s leading crypto plunged by more than 6% over the previous day, hitting $54,400 (Coinmarketcap data). The sudden plunge in the crypto industry had BTC at its lowest price since October. Bitcoin fell by 20% from its ATH of about $69,000.
Other digital coins also plummeted on Friday amid fears of the new coronavirus. Ether, the 2nd-largest crypto, dropped 7% to $4,120 (data from Coinmarketcap). Binance Coin tanked 5.37% to $592.3 as Solana trades at $195.2 following a 5.2% plunge.
The new COVID-19 variant discovered in South Africa saw liquidation in the markets towards the end of this week. European stocks declined. S&P 500 fell by 2% on 26 November, while Dow lost 900 points, experiencing its worst day in 2021.
Bitcoin and most alternative coins appear to lose their bullish strength, which may signal more plunges in the upcoming sessions. Keep in mind that most assets continue to trade under their overhead resistances. That shows bears selling with aggressiveness as a rally emerges. Surprisingly, exchanges record massive outflows as reserves remain at lower levels. Early this week, the ZebPay Trade desk commented on the crypto conditions, noting that bulls attempt to dominate levels near $55,000, but bears are persistent. It added that Bitcoin has support at $55,000 and $53,000, while massive resistances are at $62,000 and $69,000.
The crypto space turned red in India early on the week amid updates that the government would launch a Crypto Bill during the winter Parliament session. The news had BTC, ETH, and other digital coins dropping on Indian exchanges amid massive panic-selling by crypto investors. The Indian 2021 Crypto Bill targeted to introduce a facilitative framework for the crypto space. It also aims to ban private cryptocurrencies in the nation, excluding a few exceptions.
What are your thoughts on the crypto market condition as the new coronavirus variant joins the global economy? You can comment below.
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