Bitcoin

Bitcoin loses more than a fifth of its value, cryptocurrencies suffer liquidation of $ 1,000 million

Bitcoin lost a fifth of its value on Saturday as a combination of profit-taking and macroeconomic concerns triggered sales worth nearly a billion dollars in cryptocurrencies.

Bitcoin down 12% at 0920 GMT to $ 47,495 after plummeting 22% to $ 41,967.5 earlier in the session.

The broad cryptocurrency selloff was also causing a more than 10% crash for ether, the currency tied to the ethereum blockchain network.

According to cryptocurrency data platform Coingecko, the market capitalization of the 11,392 coins it tracks was down nearly 15%, to $ 2.34 trillion. That value briefly topped $ 3 trillion last month, when bitcoin hit a record $ 69,000.

The crash comes after a volatile week for financial markets. Global stocks and benchmark U.S. Treasury yields fell on Friday on data that showed U.S. job growth slowed in November as the omicron variant of the coronavirus kept investors nervous.

Data from another platform, Coinglass, showed that nearly $ 1 billion worth of cryptocurrency had been settled in the past 24 hours, with most of it being done on the Bitfinex digital exchange.

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