Bitcoin takes a tumble, smaller tokens take a big hit

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Bitcoin tumbled over nine percent on Friday, dragging smaller tokens down, after the discovery of a new, potentially vaccine-resistant coronavirus variant saw investors dump riskier assets for the perceived safety of bonds, the yen and the dollar, as per a reuters report.

Bitcoin, the largest digital currency, fell as much as 9.2 percent to $53,551 (roughly Rs. 40,19,200), its lowest since October 10. The second largest cryptocurrency Ether fell over 13 percent to its lowest in a month as investors ditched cryptocurrencies.

Bitcoin, whose 13-year life has been peppered by bouts of extreme volatility, was on track for its biggest one-day drop since September 20. It has slumped by more than a fifth since hitting a record high of almost $70,000 (roughly Rs. 52,53,700) earlier this month.

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