Bitcoin lost a fifth its value Saturday due to a combination of profit-taking and macroeconomic concerns. This led to nearly a billion dollars in selling across cryptocurrencies.
- Bitcoin prices fell sharply on Saturday, bringing total losses to 22%
- A wide crypto selloff saw ether, the cryptocurrency linked to the Ethereum blockchain network, fall more than 10%.
- After a volatile week in financial markets, the plunge was inevitable.
- At 0920 GMT, Bitcoin was 12% lower at $47.495. The total loss for the day was 22%, with Bitcoin falling as low as $41,967.5
The widespread selloff in cryptocurrency also saw ether (the coin that is linked to the Ethereum blockchain network) plunge over 10%.
According to cryptocurrency data platform Coingecko the market capitalization for the 11,392 coins, it tracks fell nearly 15% to $2.34 Trillion. This value briefly surpassed $3 trillion when bitcoin reached a record $69,000 last month.
This follows a volatile week in financial markets. Global equities fell on Friday as benchmark US bond yields dropped after data showed that US job growth had slowed in November. Investors were also concerned by the Omicron coronavirus.
