Covid-19
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Concerns about the impact of a new variant of COVID-19 prompted investors to sell riskier assets, as the broad-based sell-off of cryptocurrencies continued on Friday.
In 24 hours, the leading cryptocurrencies fell by 7.5%. According to data from CoinMarketCap. It dropped to its lowest level since October 10, but it was paring losses earlier. The token is on track for its biggest one-day drop in two months.
The new variant of COVID-19 could be more transmissible and resistant to current vaccines, according to scientists in South Africa. The EU is considering a similar flight ban after the UK suspended flights from six southern African countries.
The World Health Organization is holding a special meeting on the situation on Friday after warning about a surge in coronaviruses earlier in the week.
The moves spurred fears about new anti-pandemic restrictions and their impact on economic growth, which rattled global stock markets as investors sought shelter in less risky assets. Analysts said that the tone was reflected in the markets.
Freddie Evans, a sales trader at GlobalBlock told Insider that the move shows that digital assets are susceptible to risk aversion.
He said that the emergence of a new Covid variant in South Africa caused $300 million to be liquidated within an hour.
The native token ether sank 9.5% in 24 hours to $4,027.06, but was also pulling back from a bigger loss. It fell to $3,933, its lowest level since October 24.
Solana's sol was down 10.8%, polkadot was down 11.2%, and cardano's ada was down 9.6%. Dogecoin shed 8.2%, while shiba inu fell 1.6%.
The Metaverse-linked token took a hit after gains this week on the back of positive news. The sand token fell 2%, while Decentraland's token dropped 6.3%.
Market watchers weren't downbeat about the outlook for prices despite the decline in cryptocurrencies.
The fundamentals of thecryptocurrencies have not changed for us at 21Shares. Elizer Ndinga, research lead at the digital asset manager, said that they see the pace of innovation keep moving forward.
Business Insider has an original article.
