The price of bitcoin plummeted on Saturday, hitting a seven-week low after a new coronavirus type was discovered in South Africa. According to CoinMarketCap, the world’s largest cryptocurrency has plummeted almost 6% in the previous 24 hours to $54,425.11. Bitcoin has dropped to its lowest level since October as a result of the rapid drop in the cryptocurrency market. Bitcoin has lost more than 20% of its value since hitting an all-time high of about $69,000.
On Friday, other cryptocurrencies fell as a result of the new Covid-19 version concern, which frightened investors. According to CoinMarketCap, the second cryptocurrency, Ether, has dropped nearly 7% to $4,125.86. Solana fell 5.19 percent to $195.36, while Binance Coin down 5.37 percent to $592.32.
This week’s market liquidations were sparked by the discovery of a new variety in southern Africa. The value of European stocks has dropped. On November 26, the Dow plummeted 900 points for the worst day of the year, while the S&P 500 dropped 2%.
“Bitcoin and most major cryptocurrencies appear to be losing bullish momentum, which could indicate that prices will continue to fall.” Most major assets have remained stuck below their respective overhead resistances, indicating that bears are selling aggressively as soon as a rally begins. Surprisingly, substantial outflows persist among exchanges, and reserves are at their lowest levels ever. The bulls are trying to turn the tide around $55,000, but the bears aren’t giving up easily “Earlier this week, the ZebPay Trade Desk stated.
“Support 1 is $55,000, Support 2 is $53,000, Resistance 1 is $62,000, and Resistance 2 is $69,000 for Bitcoin.” “It was also included.
“The Government of India, in conjunction with the Reserve Bank of India, has agreed to grant a discount of Rs 50 (Rupees Fifty only) per gramme to those investors who apply online and pay via digital channel.” The issue price of a Gold Bond for such investors will be Rs 4,741 (Rupees Four Thousand Seven Hundred Forty One Only) per gramme of gold, according to a statement from the finance ministry.
Sovereign Gold Bonds are available to anyone who is a resident of India as defined by the Foreign Exchange Management Act of 1999. This scheme is open to members of Hindu undivided families, trusts, universities, and charitable organisations. Apart from that, children are allowed to invest if a guardian fills out the application form on their behalf.
Individuals can purchase Sovereign Gold Bonds in a variety of methods, including online. To use the digital technique, go to the websites of the mentioned scheduled commercial banks and fill out an application. In addition, if one applies online, he or she would receive a Rs 50 per gramme discount.
Individuals can purchase these bonds for a maximum of Rs 20,000 in cash payments. Paying by demand draught, check, or electronic banking is also an option.