Crypto Market Down $200B as Wall Street Futures Tumble on Renewed COVID-19 Concerns

A new version of COVID-19 from South Africa has brought a lot of pain in all financial markets. As the future contracts of some of the world’s most famous companies came down, the cryptocurrency market was reorganized. Bitcoin dropped to a six-week low, while other altcoins dropped to a two-digit price.

Bitcoin and Global Markets Tumble

The first cryptocurrency was on its way to $ 60,000 yesterday recovery from the initial drop below $ 56,000. It cost about $ 500 from the coveted prizes, but it failed, and the venue changed drastically later.

Bitcoin lost $ 5,000 in a few hours to the $ 54,300 intraday, which became the lowest price since October 13. As reports in the past, this instability has caused a great deal of pain for high-income retailers as the revenue has risen to $ 700 million daily.

BTCUSD.  Source: TradingView
BTCUSD. Source: TradingView

These prices are in line with what is happening in the global markets. Fearing new developments of COVID-19 from other African countries, future contracts for the Dow Jones, S&P 500, Nasdaq, and other popular indexes. is down.

The Dow futures are down 2%, the S&P 500 is about 1.7%, while oil prices are down sharply. US oil futures are down 5.5%.

Things in Asia are similar, with Nikkei of Japan and Hong Kong Hang Seng losing almost 2% each.

Altcoins Are Worse

Just as bitcoin moves south, so does other currencies. Ethereum exceeded $ 4,500 yesterday at one time, but a major $ 400 improvement has hit the south below $ 4,100 from now.

Binance Coin was sold north for $ 610 but has dropped to $ 580 now. Solana (-6.5%), Cardano (-5%), Ripple (-7%), Polkadot (-8.5%), Dogecoin (-7%), Shiba Inu (-2%), and Litecoin (-9%) is inside red as well.

Avalanche and the CryptoCom brand have been heavily discarded from larger alts. AVAX is down 12% to below $ 110, while a recent CRO has dropped by 20% and is below $ 0.7.

The crypto market share has dropped by about $ 200 billion per day to below $ 2.5 trillion on CoinMarketCap.

Cryptocurrency Market Summary.  Source: Quantify Crypto
Cryptocurrency Market Summary. Source: Quantify Crypto

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Cryptocurrency charts and TradingView.

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