Bitcoin Reverts to $58k as Renewed Covid Concerns Jolt Traditional Markets
The financial markets are a sea of red on Friday as worries over a new coronavirus variant appears to have zapped risk appetite.
While bitcoin is trading 2% lower on the day near $57,800 at press time, the S&P 500 futures are nursing a 1.3% loss. The MSCI Asia-Pacific index has slipped 1.8%, and the commodities complex is bleeding, with oil down over 2% on both sides of the Atlantic. Meanwhile, anti-risk assets like the Japanese yen and U.S. Treasuries are gaining ground.
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. If these fears come true, many nations may have to reintroduce the economically painful lockdown restrictions.
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