Bitcoin price falls below $30,000 as Delta variant fears spread globally

The cryptocurrency is down about 6% in the past 24 hours, according to Coindesk. Other cryptocurrencies also fell: Ethereum is down about 7%, while Dogecoin, the cryptocurrency that started out as a meme currency, is also down almost 7%.

Bitcoin was last traded at around $ 29,800 per coin on Tuesday, its lowest level since last month.

The case comes after Wall Street was hit hard by Monday Concern about the recent spread of Covid-19 and the threat it poses to those economic recovery. The Dow Jones Industrial Average (UNDUE) fell 725 points, down 2.1%. The S&P 500 (SPX) ended the day down 1.6% and the Nasdaq (COMP) was 1.1% lower.
Asian markets followed Tuesday’s slide, with Japan’s Nikkei 225 (N225) almost 1% decrease. Hong Kong Hang Seng Index (HSI) fell 0.8%. South Korea Kospi (KOSPI) collapsed 0.4% while China’s Shanghai composite (SHCOMP) was flat.

“Bitcoin is the ultimate risky asset right now and could face strong selling pressure if Wall Street goes into panic sell mode,” wrote Edward Moya, senior market analyst for America at Oanda, in a research note on Monday.

Bitcoin and other cryptos had a difficult year as they have been gripped by extreme volatility in recent months. In June, Bitcoin (XBT) fell below $ 30,000 for the first time since late January.

The most recent decline came as investors worried about the impact the Delta option would have on reopening the global economy. Airlines, cruise lines and energy stocks plummeted in the United States on Monday. Long-term bond yields also continued to slide, a sign that bond investors are now far more concerned about the delta-induced economic slowdown than about rising inflation fears.

However, European and US stocks were slated for a small rebound on Tuesday. The main indices in Europe rose in early morning trading, with the FTSE 100 (UKX) in London of France CAC 40 (CAC40) everyone wins about 1%.

US stock futures also gained. Dow futures recently gained around 0.7%, while futures for the S&P 500 and Nasdaq rose around 0.6% and 0.5%, respectively.

– Paul R. La Monica and Robert North contributed to this report.

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