Bitcoin tumbled 20% from record highs notched earlier this month as a new variant of the coronavirus spurred traders to dump risk assets across the globe.
The world’s largest cryptocurrency fell as much as 8.9% to $53,624 on Friday during London trading hours. Ethereum, the second-largest digital currency, dropped more than 12%, while the wider Bloomberg Galaxy Crypto Index declined as much as 7.5%. On the other hand, gold rose as cryptos fell, then retreated as cryptos rebounded.
A new variant identified in southern Africa spurred liquidations across markets, with European stocks falling the most since July and emerging markets also slumping.
The Dow is down almost a thousand points … and look at Europe!
The 10-year Treasury yield is down 13.4 basis points. Most of Europe is down almost 10 basis points while the UK is down 14.4 BPS.
And West Texas Intermediate crude futures are down 8.42%. No Jen Paski, this isn’t due to Cousin Eddie (Biden) releasing the Strategic Petroleum Reserve (SPR).
Maybe it was all the tryptophan released by eating turkey.