{"id":205977,"date":"2021-11-26T09:08:11","date_gmt":"2021-11-26T09:08:11","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=205977"},"modified":"2021-11-26T09:08:11","modified_gmt":"2021-11-26T09:08:11","slug":"bitcoin-dumps-2000-within-minutes-as-new-covid-strain-detected","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitcoin-dumps-2000-within-minutes-as-new-covid-strain-detected\/","title":{"rendered":"Bitcoin dumps $2,000 within minutes as new COVID strain detected"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Bitcoin, the world\u2019s largest cryptocurrency by market cap, plunged nearly $2,200 within minutes in mid-European hours. Other large-cap cryptocurrencies followed the plunge, falling as much as 10%.<\/span><\/p>\n<figure id=\"attachment_205978\" aria-describedby=\"caption-attachment-205978\" style=\"width: 1813px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-205978\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/11\/BTCUSD_2021-11-26_14-34-40.png\" alt=\"\" width=\"1813\" height=\"830\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/11\/BTCUSD_2021-11-26_14-34-40.png 1813w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/11\/BTCUSD_2021-11-26_14-34-40-300x137.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/11\/BTCUSD_2021-11-26_14-34-40-1024x469.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/11\/BTCUSD_2021-11-26_14-34-40-768x352.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/11\/BTCUSD_2021-11-26_14-34-40-1536x703.png 1536w\" sizes=\"(max-width: 1813px) 100vw, 1813px\" \/><figcaption id=\"caption-attachment-205978\" class=\"wp-caption-text\">Image: BTC\/USD via TradingView.<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Bitcoin traded at $58,000 in early-Asian hours. It earlier failed to break the $59,000 resistance level\u2014a move that\u2019s part of a broader downtrend since the $68,000 level from earlier this month.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Data from Coinglass shows nearly $106 million worth of Bitcoin futures were liquidated today until press time. Futures are financial products allowing traders to gain exposure to a particular asset without holding that physical asset. Crypto futures are a lucrative market and clock billions of dollars in trading volumes daily.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Following Bitcoin\u2019s plunge were other large-cap cryptos like Ethereum (-7%), XRP (-9%), Solana (-6%), and Polkadot (-7%). Ethereum futures saw even higher liquidations than Bitcoin\u2014at over $114 million\u2014data from Coinglass shows.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The fall followed news of a new COVID variant found in South Africa. <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-11-26\/south-africa-rand-slumps-beyond-16-per-dollar-amid-virus-concern?srnd=premium-asia\"><i><span style=\"font-weight: 400;\">Bloomberg<\/span><\/i><\/a><span style=\"font-weight: 400;\"> reported risk assets like emerging market currencies, bonds, and stock slid this morning, while treasuries and \u2018safer\u2019 European bonds surged.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThere is some risk off happening from Japan to Africa due to concerns around a new virus variant being found in South Africa but the good thing is countries such as U.K. are acting fast to curtail its spread,\u201d said Justin Tang, head of Asian Research at United First Partners. \u201cGiven that the world has gone through this before with Delta, there is already a playbook for such situations &#8211; even if the new variant overstays.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin, the world\u2019s largest cryptocurrency by market cap, plunged nearly $2,200 within minutes in mid-European hours. Other large-cap cryptocurrencies followed the plunge, falling as much as 10%. Bitcoin traded at $58,000 in early-Asian hours. It earlier failed to break the $59,000 resistance level\u2014a move that\u2019s part of a broader downtrend since the $68,000 level from [&hellip;]<\/p>\n","protected":false},"author":65,"featured_media":205980,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,6849],"tags":[60786],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin dumps $2,000 within minutes as new COVID strain detected<\/title>\n<meta name=\"description\" content=\"Bitcoin, the world\u2019s largest cryptocurrency by market cap, plunged nearly $2,200 within minutes in mid-European hours.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/bitcoin-dumps-2000-within-minutes-as-new-covid-strain-detected\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin dumps $2,000 within minutes as new COVID strain detected\" \/>\n<meta property=\"og:description\" content=\"Bitcoin, the world\u2019s largest cryptocurrency by market cap, plunged nearly $2,200 within minutes in mid-European hours.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/bitcoin-dumps-2000-within-minutes-as-new-covid-strain-detected\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-26T09:08:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/11\/crypto-selloff-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Shaurya Malwa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shaurya Malwa\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-dumps-2000-within-minutes-as-new-covid-strain-detected\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-dumps-2000-within-minutes-as-new-covid-strain-detected\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#person\",\"name\":\"Shaurya Malwa\",\"url\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"caption\":\"Shaurya Malwa\"},\"jobTitle\":\"Analyst\",\"description\":\"Post-mining his first bitcoin in 2012, there was no looking back for Shaurya Malwa. 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