Bitcoin price dropped 9.29% to $48,752.15 at 22:01 GMT on late Saturday, losing $4,991.54 from its previous close. Bitcoin, the world’s biggest and best-known cryptocurrency, is down 29.3% from the year’s high of $69,000 on November 10.
Ether, the coin linked to the ethereum blockchain network; dropped 3.61% to $4,070.52 on Saturday, losing $152.28 from its previous close.
Bitcoin briefly loses $10,000 in nervous market
Bitcoin price dropped sharply overnight; losing $10,000 in value in a nervous market before recouping some of its losses Saturday morning.
At one point late Friday, the often volatile cryptocurrency took a sudden sharp drop to $42,296, losing nearly 20 percent of its value.
But by 1600 GMT Saturday, the virtual currency had regained some ground, trading at $48,210, down 10 percent from Friday.
The leading Wall Street indicators all ended in the red Friday; amid weakness in tech shares and fears about the new Omicron variant of Covid-19.
“Digital assets got pushed around by the broader risk of conditions related to Omicron and expectations of a more aggressive Fed; but didn’t properly sell off until Friday, on contagion from equities,” said Martha Reyes, research director at the Bequant digital asset brokerage and exchange.
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Reyes said the decline in the value of bitcoin, often prone to violent swings, was not entirely surprising. Since late November, she said in a note; it had been “stuck in a narrow range” while some investors wanted to unwind their positions.
Anto Paroian, the chief operating officer at crypto hedge fund ARK36.com, said current price levels “aren’t unexpectek;” just weeks after the currency set a record of $68,363 before falling and repeatedly failing to again pass the $60,000 mark.
“During previous Bitcoin bull markets violent swings of 20-30% happened a few times before the market topped,” he said in a note.