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Bitcoin price drops 8% amid fears of COVID B.1.1.529 variant discovered in South Africa. Here's why
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Bitcoin tumbled almost 8 per cent on Friday after the discovery of a new, potentially vaccine-resistant coronavirus variant called B.1.1.529.
Bitcoin, the largest cryptocurrency, fell as much as 7.8 per cent to $54,377 (about €48,000), its lowest since October 12. It was on track for its biggest one-day drop since September 20.
Friday's slump comes just Bitcoin appeared set for a breakout above $60,000 (€53,000) after a rise on Thursday.
The markets have seen investors dump riskier assets for the perceived safety of bonds, the yen and the dollar.
Bitcoin is now down 20 per cent from an all-time high of nearly $69,000 (€61,000) which it hit earlier this month.
Scientists said the variant - detected in South Africa, Botswana, and Hong Kong - has
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