Prices for cryptocurrencies are collapsing amid a global market selloff, with Bitcoin falling more than 7% and Ethereum down 10%.
Bitcoin was trading at $54,352.40 in pre-market trading, while the price of Ethereum was just above $4,000 U.S. ahead of the stock market's opening.
Other cryptocurrencies such as XRP, Litecoin and Bitcoin Cash were each down more than 10% in early trading as the selloff in cryptocurrencies appears to be broad based.
The decline in crypto prices comes as stock markets around the world plunge on news that a new variant of COVID-19 has been discovered in South Africa, a development that has rattled investors and shaken confidence in the global economic recovery.
Bitcoin, the largest cryptocurrency in the world, had been trading above $67,500 U.S. per coin as recently as November 8.
