Crypto Market Hit by $300M in Liquidations on Reports of a New Covid-19 Variant

Crypto Market

Bitcoin has tumbled by over $3000 to trade below $55,000, the lowest in six weeks, in a crypto rout that caused liquidations of up to $300 million in an hour.

The bearish sentiment is attributed to reports of the emergence of a new mutated Covid-19 variant. Ethereum had dropped about 5% in the past 24 hours to trade around $4,100.

Altcoins have also suffered losses following the plunge. Polkadot, Dogecoin, Litecoin, and Avalanche are some of the tokens that have shed between 9-15% in the past day.

The daily crypto sell-off tops $600 million, with the biggest single liquidation of $12 million reported at Bybit exchange for an ETH position. Bitcoin had reached a high of $59,000, targeting above the $60,000 level previously. 

Source: Cryptopotato

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