Bitcoin price crashed on Saturday, hitting a seven-week low after a new variant of coronavirus had emerged in South Africa.
The world’s largest cryptocurrency dropped over 6 per cent in the last 24 hours to $54,425.11, according to CoinMarketCap. The sudden tumble in the cryptocurrency world brought bitcoin to the lowest level since October. Bitcoin sank over 20 per cent from an all-time high of nearly $69,000.
Other cryptocurrencies also tanked on Friday as new Covid-19 variant scare spooked the investors. Ether, the second cryptocurrency, fell nearly 7 per cent to $4,125.86, according to CoinMarketCap. Binance Coin slumped 5.37 per cent to $592.32 while Solana tanked 5.19 per cent to $195.36.
A new variant of COVID-19 detected in the southern Africa prompted the liquidations across the markets this week. European stocks fell. Dow tumbles 900 points for worst day of year while S&P 500 dropped 2 per cent on November 26.
“Bitcoin and most major altcoins seem to be losing their bullish momentum, which might signal that prices might continue to erode. We have seen most of the major assets continue to be pinned below their respective overhead resistances, which indicates that bears are selling aggressively the moment a rally sets in.
“Surprisingly, we continue to see strong outflows amongst exchanges, and the reserves are at their lowest levels. The bulls are attempting to turn the tide around $55,000 but the bears are relentless,” ZebPay Trade desk said earlier this week
“For Bitcoin, Support 1 at $55,000, Support 2 at $53,000, Resistance 1 at $62,000 and Resistance 2 at $69,000,” it added.
