The flagship crypto dropped over $1,400 in value within an hour, amid a strong rebound in the safe-haven currency.
- At the time of writing this report, the most popular crypto was trading around the $22,500 price level, dropping below its $23,900 daily high seen around 10 am GMT, as Crypto bears took hold of the best performing financial asset in recent times.
The move comes as the U.S dollar surged rebounded strongly, as major economies including the United Kingdom lurched towards a total lockdown, amid a stern warning that it had discovered a new variant of the Covid-19 virus, whose transmission was out of control
- At the time of writing the U.S dollar index the tracks, the dollar strength against major currencies gained 0.65% to 90.485.
- In addition, Ethereum the second most valuable crypto by market value was down over 5% to trade at $608, and XRP dropped as much as 9%, trading around $0.52, not forgetting Litecoin was also down more than 9%.