The emergence of the new Covid-19 variant coming from South Africa was found to have had a detrimental impact on the financial markets. This is reflected in the fact that most leading stock market index futures contracts have fallen sharply. The stock market was not the only one affected, the crypto asset market also experienced a massive correction. The price of bitcoin has fallen to a six -week low and some altcoins are following the same pace.
Major crypto assets just yesterday made an attempt to break the $ 60,000 price level after recovering from a previous decline below $ 56,000. However, the momentum could not last long.
Bitcoin has just lost as much as $ 5,000 in a matter of hours to a daily low of $ 53,625, which is the lowest price point since October 13th. These large price fluctuations have had a huge impact on leverage market players.
The fall in prices coincided with developments with global stock markets driven by concerns of new Covid-19 variants that are from several African countries. The Dow Jones futures contracts, the S&P 500, the Nasdaq and other stock indices posted big falls.
Dow futures were down more than 2%, for the S&P 500 nearly 1.7%, while oil prices fell even more.
