Categories: Market

Bitcoin crashes in the face of Covid-19 fear

Many digital currencies fell sharply as investors worried about the new Covid-19 variant.

By the afternoon of November 28th, every bitcoin is trading at $ 54,432, down more than 300, according to the Coinmarket Cap page USD compared to the start of the day and decreased by 7.54% within the last 1 week. A number of cryptocurrencies also slumped over the week, such as Ethereum, up 6.46% to over 4,062. has fallen USD; Cardano drops almost 20% to 1.51 USD; XRP falls 13.32% to 0.9311 USD, Shiba Inu by 17.52% to 0.0003807. sunk USD…

The total recorded market value of the cryptocurrency is now more than 2,444 Billion USD, almost 200. down Billion USD compared to the start of the day. That market fell sharply on November 26th when the World Health Organization released initial information about the newly discovered variant of Covid-19 called Omicron. A number of investors fled cryptocurrencies, pushing Bitcoin at times to lose nearly 10% and fall below the VND 54,000 threshold USD. Compared to the peak, it was almost VND 70,000 USD in 2 weeks ago the Bitcoin price was up more than 15,000. evaporates USD, or about 25%, and its crypto market cap also lost nearly 600 Billion USD.

Although the price of this currency is recovering slightly from the lowest price 2 days ago, instability still persists when the market is concerned about new developments in the Covid-19 pandemic. Analysts all say that even the crypto market will have to prepare for an even deeper decline if this variant spreads faster.

Before that, right after hitting an all-time high, Bitcoin’s price also fell rapidly as investors took profits. At the same time, information is being released that China is further stepping up its campaign to tighten control over the field of “mining” virtual currency, calling it an “extremely harmful” activity that threatens to sabotage China’s efforts to reduce carbon emissions. China’s National Development and Reform Commission (NDRC) is likely to initiate “sweeping” crackdown on cryptocurrency mining, with a focus on commercial virtual currency mining and the role of crypto miners. …

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.