Bitcoin Drops Up To 22% With The Nerves Of The Global Market | Currency News | Financial and business news

  Bitcoin Drops Up To 22% With The Nerves Of The Global Market |  Currency News |  Financial and business news

Bitcoin prices dropped sharply Saturday, taking total losses to 22%.
A broad crypto selloff also saw ether, the coin linked to the ethereum blockchain network, plunge more than 10%.
The plunge follows a volatile week for financial markets.

Xavier Lorenzo/Getty Images

Highlights

  • Bitcoin was 12% down at 0920 GMT at $47,495. It fell as low as $41,967.5 during the session, taking total losses for the day to 22%.

  • Bitcoin shed a fifth of its value on Saturday as a combination of profit-taking and macro-economic concerns triggered nearly a billion dollars worth of selling across cryptocurrencies.

Based on cryptocurrency data platform Coingecko, the market capitalization of the 11,392 coins it tracks dropped nearly 15% to $2.34 trillion. That value had briefly crossed $3 trillion last month, when bitcoin hit a record $69,000.

The broad selloff in cryptocurrencies also saw ether, the coin linked to the ethereum blockchain network, plunge more than 10%.

The plunge follows a volatile week for financial markets. Global equities and benchmark US bond yields tumbled on Friday after data showed US job growth slowed in November and the Omicron variant of the coronavirus kept investors on edge.