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CRYPTOCURRENCY: South Africa’s new variant of the COVID-19 has affected crypto market with Bitcoin losing value of about $5,000

Leveraged longs are having a tough day, losing more than $ 630 million on liquidation as Bitcoin falls after yesterday’s profit which saw the flagship cryptocurrency trade as high as $ 59,450. 

The panic selling is the result of a new strain of COVID19 that has been observed in Botswana, South Africa and Hong Kong, which experts describe as “vaccine resistant”. If this is achieved, it will mean the reintroduction of lockdown measures that will hamper economic activity. 

A notable drop from the top 50 currencies will be the CRO token from Crypto.com and the AVAX token from Avalanche which fell 18% and 17%, respectively.

Richard Lessells, an infectious disease doctors at the University of KwaZuluNatal in Durban, South Africa, told the multidisciplinary scientific journal Nature, “There are many things we don’t understand about this variant. The mutation profile worries us, but now,” I have to do the work to understand the importance of this variant and its importance in responding to the pandemic. 

The cryptocurrency market is not the only market affected as it affects other exchanges and markets around the world. 2.78% as of this writing, currently at 7,107.98 The US Dow Jones is down 2.21% while the SandP500 is down 1.78% in the pre-trading skirmish.

The raw material market is reduced with both oil reference points for more than 5%, both closer to the 70-dollar trade, the copper controller is also reduced with 2.70%, while gold is increased at 1.35%.65% are currently trading at 96.235 basis points, ending their winning streak after trading at 96.94 basis points, the highest level since June 2020.

Written by T.I Ukende

T.I Ukende is a professional writer and ICT consultant. He has written many evergreen articles for Benuecast blog, classicgist, ellabase and many others before birthing the newsway blog.
Newsway delivers well researched and undiluted information on business, employment opportunities, personal finance and government empowerments.

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