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Bitcoin Reverts to $58k as Renewed Covid Concerns Jolt Traditional Markets

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Yahoo Finance

Fri, Nov 26, 2021

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The financial markets are a sea of red on Friday as worries over a new coronavirus variant appears to have zapped risk appetite.

The classic risk-off action comes in the wake of reports of a new coronavirus variant detected in Botswana, South Africa, and Hong Kong, which may be vaccine-resistant.

“The mutation profile gives us concern, but now we need to do the work to understand the significance of this variant and what it means for the response to the pandemic.” Bitcoin’s decline amid risk aversion in traditional markets suggests the cryptocurrency is yet to find acceptance as a safe haven.

1) Based on the data we have, this variant is out-competing others *far* faster than Beta and even Delta did 🚩🚩 pic.twitter.com/R2Ac4e4N6s — John Burn-Murdoch (@jburnmurdoch) November 25, 2021 Lockdowns, if any, would perhaps worsen supply chain disruptions, pushing inflation higher – a positive for bitcoin, given it is widely perceived as a store of value asset.

Bitcoin, which remains vulnerable to Fed tightening, fell sharply on Nov. 10 after the hotter-than-expected U.S. consumer price index bolstered fears of an early interest rate hike by the Fed. Minutes from the Fed’s November meeting released on Wednesday shows that officials would be willing to raise interest rates sooner than expected.

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