Bitcoin tumbled almost 8% on Friday after the discovery of a new, potentially vaccine-resistant coronavirus variant saw investors dump riskier assets for the perceived safety of bonds, the yen and the dollar.
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Bitcoin, the largest digital currency, fell as much as 7.8% to $54,377, its lowest since Oct. 12. It was on track for its biggest one-day drop since Sept. 20.
Scientists said the variant, detected in South Africa, Botswana and Hong Kong, has an unusual combination of mutations and may be able to evade immune responses or make it more transmissible.
Smaller coins, which tend to move in tandem with bitcoin, also fell. Ether, the second biggest by market capitalisation, slumped as much as 11.6% to its lowest in a week.
