Bitcoin failed dramatically. Cryptocurrencies fear a “new era” in the coronavirus pandemic

Mining on AMD Radeon RX 5700 XT: ha... x
Mining on AMD Radeon RX 5700 XT: hashrate, overclocking

News of the discovery of a new, even more contagious coronavirus variant in the Republic of South Africa spread around the world this morning. The report also had a major impact on the economy, but also on cryptocurrencies, which experienced significant setbacks. After the news, the strongest bitcoin fell by tens of percent from its all-time high, which it reached earlier this month, informs Bloomberg.

The cryptomen market has not been favored in recent weeks, and ethereum has stagnated. Falls have been visible since the middle of the month. The nail in the seemingly promising development today was the news of the discovery of a coronavirus variant called B.1.1.529, which according to scientists has a large number of mutations.

The new coronavirus variant has affected both stocks and cryptomens

Concerns soon became apparent in the markets and did not escape cryptocurrencies. Bitcoin has dropped to $ 53,563 in the past 24 hours, down nearly $ 15,500 from its last peak of $ 69,000 in early November.


The current price of bitcoin at the time of writing is $ 54,200. Despite the second significant decline in the last 2 weeks, bitcoin was able to maintain positive growth of about 85% throughout the year.

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The new coronavirus variant has also stimulated a sale of other cryptocurrencies. The second largest cryptomena, ethereum, has fallen to a low of $ 3,920 in the last 24 hours, down $ 945 from a record high of $ 4,865 on November 10.

A similar price development affected a number of other cryptocurrencies. However, reports related to the discovery of a new coronavirus variant also affected traditional stock markets, where, for example, the S&P 500 index (for the 500 largest companies on the US stock exchange) fell by 2.3%, informs Coindesk. The development of commodity prices is similar.

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The market was dominated by fear of a new variant, about which scientists do not know much yet. However, countries may impose further severe restrictions on this, which will have a major impact on the further development of the economy.