Bitcoin plummets 12% and drags other cryptocurrencies after a million-dollar liquidation

The bitcoin It lost a fifth of its value this Saturday, due to a combination of profit-taking and macroeconomic concerns triggered sales worth nearly a billion dollars in cryptocurrencies.

The bitcoin it was down 12% at 09:20 GMT to $ 47,495, after plummeting 22% to settle at $ 41,967.5 earlier in the session.

The broad wave of cryptocurrency sales was also causing a more than 10% drop in the ether, the currency linked to the blockchain network ethereum.

According to the cryptocurrency data platform Coingecko, the market capitalization of the 11,392 coins it tracks fell almost 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 showing 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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