Bitcoin tumbled 20% from the record high it notched earlier this month as a potentially worrisome new variant of the coronavirus spurred traders to dump risk assets across the globe.

The world’s largest cryptocurrency fell as much as 9% to $53,552 on Friday. Ether, the second-largest digital currency, dropped more than 12%, while the wider Bloomberg Galaxy Crypto Index declined as much as 7.7%.

A new variant identified in southern Africa spurred liquidations across global markets, with European stocks falling the most since July and U.S. equity benchmarks also trading lower. Bitcoin wasn’t spared from the carnage despite increasingly being seen by many crypto enthusiasts as a hedge against financial-market turmoil. And even as Bitcoin has gained more mainstream acceptance, the cryptocurrency is still prone to wild swings.

“To us, it is still by and large a risk asset,” said Ross Mayfield, investment strategy analyst at Baird. “When things get kind of scary, there are going to be sellers.”