Bitcoin fell sharply alongside other assets on Friday, hitting a seven-week low and officially entering bear market territory, amid worries that a new coronavirus variant would wreak havoc on conventional markets, the cryptocurrency market began to recover. Bitcoin is down more than 20% from an all-time high of nearly $69,000. Digital currencies are falling in tandem with other risk assets amid panic over a new, heavily-mutated variant of the coronavirus first detected in South Africa.
The rise in infections combined with the new variant has sparked fears of new lockdown restrictions, which have proved painful for economies.
Smaller coins, which tend to move in tandem with Bitcoin, also fell. Ether, the second-biggest by market capitalisation, slumped as much as 11.6 per cent to its lowest in a week.
A notable difference between Bitcoin’s value at the start of 2021 and its current value is that Bitcoin is trading at $55,223 at the time of writing, representing an 88% return on investment for Bitcoin since the beginning of the year when it was trading at $29,286.
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