Bitcoin Price Hits a 6-Week Low

by in Cryptocurrency News

Bitcoin cryptocurrencies fall

BTC price trades at its lowest price since mid-October. In the last 24 hours, the coin dropped by around 6%, falling below $55.000. Ether trades at about $4.000.

Related: First Australian pension fund decides to invest in crypto

Other cryptocurrencies such as Cardano (ADA), Solana (SOL), XRP, Polkadot (DOT), Avalanche (AVAX) also saw major value declines.

The total crypto market cap lost nearly 7.6% over the day and currently stands at around $2.43 trillion. Today, the stock market also saw a major decline. As statistics show, broad market events have an impact on crypto. The world is concerned with a new Covid variant, detected in South Africa. Scientists say the strain is heavily-mutated and how the virus will develop isn't known.

The news has reflected in the financial sphere causing uncertainty and value decline of oil prices, stocks, and cryptocurrencies as well.

Crypto derivatives data analytics platform Coinglass shows that in the last 24 hours over $709 M in crypto was liquidated. Although currently, there is a sell-off in the market, many retail investors tend to invest in crypto in times of financial uncertainty.