Crypto Market Down $200B as Wall Street Futures Tumble on Renewed COVID-19 Concerns

The new COVID-19 variant coming from South Africa has introduced extra ache to all monetary markets. As the futures contracts of the world’s most distinguished stock indexes have slumped, the cryptocurrency space skilled a large correction. Bitcoin dumped to a six-week low, whereas some altcoins noticed double-digit value drops.

Bitcoin and Global Markets Tumble

The main cryptocurrency was on its approach in the direction of $60,000 yesterday after recovering from the earlier drop under $56,000. It got here roughly $500 away from difficult that coveted degree, but it surely failed, and the panorama modified vigorously hours later.

Bitcoin dumped by $5,000 in a couple of hours to an intraday low of $54,300, which turned the bottom value level since October thirteenth. As reported earlier, this enhanced volatility triggered mass ache for leveraged merchants as the liquidations skyrocketed to over $700 million on a each day scale.

BTCUSD. Source: TradingView

This value crash coincides with comparable developments within the world stock markets. Prompted by fears of a brand new COVID-19 variant coming from some African nations, the futures contracts of Dow Jones, the S&P 500, Nasdaq, and different common indexes plummeted.

The Dow’s futures are down by greater than 2%, these for the S&P 500 by almost 1.7%, whereas oil costs dropped even tougher. US crude oil futures declined by over 5.5%.

The scenario in Asia is similar, with Japan’s Nikkei and the Hong Kong Hang Seng dropping round 2% every.

Altcoins Have it Worse

As it often occurs when bitcoin heads south, so do the choice cash. Ethereum exceeded $4,500 yesterday at one level, however a considerable correction of over $400 has pushed it south under $4,100 as of now.

Binance Coin traded north of $610 but it surely’s all the way down to $580 now. Solana (-6.5%), Cardano (-5%), Ripple (-7%), Polkadot (-8.5%), Dogecoin (-7%), Shiba Inu (-2%), and Litecoin (-9%) are deep in crimson as effectively.

Avalanche and CryptoCom’s token have lost essentially the most from the bigger cap alts. AVAX has dumped by 12% to under $110, whereas the current high-flyer CRO has plummeted by greater than 20% and sits beneath $0.7.

The crypto market cap is down by almost $200 billion in a day to under $2.5 trillion on CoinMarketCap.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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