Bitcoin price drops following reports of new coronavirus variant

CALIFORNIA: Bitcoin dropped by 7.8 per cent as the news of the new Covid-19 variant emerged on Thursday. It is currently being traded at $54,377 per piece as investors have started dumping assets thinking they are at risk.

This is the lowest Bitcoin has been traded at, since October.

The new variant of Covid found in Hong Kong, Botswana, and South Africa is said to be resistant to the vaccines currently used to tackle the virus.

Representative of Tokyo Bitbank Yuya Hasegawa has warned about a further loss in the popular cryptocurrency’s value.

“The spread of [the variant], especially to other countries, could wither investor appetite further. BTC’s upside will likely be limited, and the market should brace for further loss.”

Earlier this month, Bitcoin had touched the highest recorded value of $69,000. On the other hand, Ether has also dropped by 11.6pc, bringing the value to $4,070.

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