Omicron news triggers carnage in the crypto market – RT Business News

The world’s largest digital asset, bitcoin, has entered bear market territory after falling 20% ​​from its record high of around $ 69,000 as fears of the new Omicron coronavirus variant plunged global investors into panic.

The price of bitcoin fell to below $ 54,000, marking a daily decline of almost 8%. The drop to $ 54,321 brought it to its lowest level since early October.

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Other cryptocurrencies also fell, with ether, the second-largest, falling above 10% to $ 4,059, and XPR falling 9.9% to below 95 cents. Others, such as dogecoin, fell 8.3%, while shiba inu has fallen almost 5%.

The largest decrease is attributed to a new, highly mutated variant of coronavirus. The new strain, named Omicron, was first reported to the World Health Organization on Wednesday.

Growing concerns about the new variant immediately provoked strict travel bans across the globe, with flights from South Africa and several neighboring states blocked by a growing number of nations.

The news also triggered sales of more risky assets, with stock markets around the world registering a decline earlier in the week. US government yields fell sharply, while bond yields moved in reverse relative to exchange rates. European stocks held their worst session in more than a year, while U.S. stock futures fell sharply.

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