Bitcoin enters bear market territory as the cryptocurrency fell eight percent in the last 24 hours to trade at $54,176, reaching its lowest level since the first week of October amidst a market rout over a new heavily-mutated variant of COVID-19 emerging from South Africa.
When an asset declines 20 percent or more, it effectively enters the bear market. Bitcoin reached an all-time high of approximately $69,000 in early November. Accompanying the world’s most prolific digital currency, Ethereum fell nine percent based on data from Bloomberg, along with many other digital currencies, including the Bloomberg Galaxy Crypto Index which declined four percent.
