Bitcoin drops as much as 22% global market nerves are on edge

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.

Linking Shareholders and Executives :Share Talk

If anyone reads this article found it useful, helpful? Then please subscribe or follow SHARE TALK on our Twitter page for future updates. Terms of Website Use All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned

Weekly Newsletter

Sign up to receive exclusive stock market content in your inbox, once a week.

We don’t spam! Read our privacy policy for more info.