Global markets went into a tailspin Friday following news of a new heavily-mutated Covid-19 variant first detected in South Africa.
Some analysts have suggested that the starkness of the market moves might be exacerbated by thinner trading volumes due to the U.S. Thanksgiving holiday. U.S. markets were closed Thursday and will only operate until noon on Friday.
Cryptocurrencies did not avoid the hit either. Bitcoin sank 7% in the last 24 hours to $54,561, according to Coin Metrics data, its lowest level since Oct. 8. The cryptocurrency is down 20% from an all-time high of nearly $69,000 which it hitBitcoin has often been described by its proponents as "digital gold," a reference to the yellow metal's status as a so-called safe haven asset.
Crypto investors say the virtual currency offers a store of value as well as a hedge against inflation. Other cryptocurrencies also fell sharply Friday. Ether, the second-biggest crypto, plunged more than 10% to $4,007, while XRP slumped 10% to around 95 cents.
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