Crypto Market loses $300B with new Coronavirus variant fear


Pakistan decides to ban cryptocurrency

Ethereum falls 14% with some altcoins down as low as 20% in half day as Bitcoin drops 10% in Crypto Market.

The price of bitcoin dropped 10% in 12 hours with cryptocurrency market losing almost $300 billion on Friday as a new coronavirus variant caused fear across international markets.

The Bitcoin climbed as high as $59,400 late Thursday in a bullish run and dove to $53,500 on Friday for a 10% decline. Ethereum, the world’s second dominant cryptocurrency lost as much as 20% of its value in half day before showing narrow recovery.

The total value of the Cryptocurrency market decreased from $2.68 trillion to $2.39 trillion, losing a stunning $290 billion according to CoinMarketCap, a digital asset price tracking website.

As the new coronavirus variant known as B.1.1.529 surfaced in South Africa, fears of new quarantine measures and economic uncertainty caused fear among investors resulting in sudden decline in Crypto Market.
The World Health Organization (WHO) summoned a meeting special meeting on Friday to discuss the new variant and heeded that it is being detected at a considerable speed.

The uncertainty also affected stock markets as the Asian Stock market lost 2% while the European Stock Exchange lost more than 3%.