Cryptocurrency: Amid Fear Of New Covid Variant, Price Of Bitcoin Drops 9 Percent. Prices Of Other Cryptos Also Take A Hit

The price of Bitcoin, the world's oldest and largest Cryptocurrency, fell 9 percent, nearly Rs 4 lakh, to about $53,552 on Friday.

Cryptocurrency: Amid Fear Of New Covid Variant, Price Of Bitcoin Drops 9 Percent. Prices Of Other Cryptos Also Take A Hit: File Image

New Delhi: The Cryptocurrency market has taken a hit amid the fear of the new Covid variant first detected in South Africa. The price of Bitcoin, the world's oldest and largest Cryptocurrency, fell 9 percent, nearly Rs 4 lakh, to about $53,552 on Friday. It later gained its value somewhat and Bitcoin was seen trading nearly 7.30 percent lower at $54,695.

Ether also declines

At the same time, the price of the second largest Cryptocoin, Ether, fell by up to 12 percent on Friday. Although it improved slightly later, it was trading at a price of $ 4,087, down 9.69 percent. At the same time, about 8.3% in Dogecoin, while Shiba Inu was trading with a fall of 5%.

Bitcoin's price hit its record high this month, since which it has fallen by nearly 20 percent. Its price reached $69,000 earlier this month, when Bitcoin's first exchange-traded fund in the United States was allowed to trade.

Cause of decline

Currently, the price of bitcoin is near its 100-day moving average of $53,940, which can act as a support base in case of further drop. In some countries of South Africa, there was a panic in markets on Friday as a new variant of the Coronavirus was found. The US stock market opened in the red mark and the Indian stock market saw the biggest fall since April.