Bitcoin tumbles nearly 8% as new coronavirus variant shakes markets

Smaller coins, which tend to move in tandem with bitcoin, also fell

Bitcoin tumbled almost 8% on Friday 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.

Bitcoin, the largest digital currency, fell as much as 7.8% to $54,377, its lowest since Oct. 12.

It was on track for its biggest one-day drop since Sept. 20, and has slumped by more than a fifth since hitting a record high of almost $70,000 earlier this month.

Scientists said the variant, detected in South Africa, Botswana and Hong Kong, has an unusual combination of mutations and may be able to