Bitcoin lost a fifth of its value due to profit-taking and macro-economic worries, resulting in roughly a billion dollars’ worth of selling across cryptocurrencies. At 9:20 GMT, Bitcoin was trading at $47,495, down 12%. During the session, it went as low as $41,967.5, bringing the day's losses to 22%. Ether, the token tied to the Ethereum blockchain network, fell more than 10% as a result of the broader cryptocurrency selloff.
The market capitalization of the 11,392 currencies tracked by cryptocurrency analytics portal Coingecko fell over 15% to $2.34 trillion. Last month, when bitcoin hit a new high of $69,000, its worth temporarily surpassed $3 trillion. The drop comes after a tumultuous week in the global markets. After statistics revealed that US employment growth slowed in November and the Omicron version of the coronavirus left investors on edge, global markets and benchmark US government rates fell on Friday. Justin d'Anethan, the Hong Kong-based head of...
