New COVID Variant FUD Drives Bitcoin Down To $54k
November 26 2021 - 8:40AM
NEWSBTC
The news of the latest COVID variant is invoking a fresh wave of
FUD among investors, with Bitcoin crashing down to $54k, and
markets across the board slipping into the red. Bitcoin Plunges To
$54k As News Of COVID Variant Emerges Financial markets are moving
into the red on Friday as news of a new COVID variant makes
investors around the world worried. According to a BBC report, this
new variant was discovered in South Africa, and scientists have
found it to be the most heavily mutated version so far. Not much is
clear about the variant’s properties yet, but what looks to be most
worrying so far is that this version of COVID may be vaccine
resistant due to the large number of mutations. The Director of the
Centre for Epidemic Response and Innovation in South Africa, Prof.
Tulio de Oliveira, said “This variant did surprise us, it has a big
jump on evolution [and] many more mutations that we expected.” If
it indeed turns out to have strong immunity to the vaccine, then
vaccination efforts so far may become ineffective, and nations
around the world may look at enforcing new lockdowns. Because of
these fresh COVID concerns, investors have started to de-risk their
holdings. This sell off has taken Bitcoin down to $54k. Related
Reading | Bitcoin Thanksgiving Day Data Reveals Peak Possible
Within 30 Days Here is a chart that shows the trend in the price of
BTC over the past day: BTC's price plummets down | Source: BTCUSD
on TradingView As the above graph shows, Bitcoin is currently down
8% in the day so far, but earlier it went down to as low as $53.5k.
Almost $200 million in BTC was liquidated in the past 12 hours
alone as traders are looking to catch the bottom with leveraged
longs. BTC liquidation data over the past 24 hours | Source:
coinglass What Could Be Next For BTC’s Price? Just yesterday,
Bitcoin’s price finally started to show some recovery from the
decline that followed its new all-time high as the crypto broke
past $59k once again. Related Reading | JPMorgan Lists
Ethereum As A Better Investment Than Bitcoin The below chart
highlights the trend in the price of the crypto over the past few
days. BTC's price almost started on the path to recovery before
this crash | Source: BTCUSD on TradingView However, before this
recovery could come to fruition, the news about the COVID variant
arrived, and the price of the crypto once again crashed down. At
the moment, it’s unclear which direction Bitcoin might go in next.
The coin may have already hit the bottom, but it’s possible that as
more news about the variant surfaces, the coin may travel further
down still. Featured image from Unsplash.com, charts from
TradingView.com
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