O Bitcoin lost a fifth of its value this Saturday, in a combination of profit-taking and macroeconomic concerns that led to nearly a billion dollars in sales of cryptocurrencies.
Bitcoin dropped 12% this morning. It dropped to $41,967.5 during the session, taking the day’s total losses to 22%.
The widespread sale of cryptocurrencies also saw ether, the currency linked to the Ethereum blockchain network, to drop more than 10%.
Based on the Coingecko cryptocurrency data platform, the market capitalization of the 11,392 currencies it tracks dropped nearly 15% to $2.34 trillion. The figure had passed $3 trillion for a brief time last month, when Bitcoin hit a record $69,000.
The drop comes after a volatile week for financial markets. Global equities and US bonds tumbled on Friday after data showed US job growth slowing in November. The Ômicron variant of the coronavirus is also keeping investors on their toes.
Source From: Moneytimes
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