Crypto Market Crashes as Bitcoin Falls Below $43,000
The price of bitcoin and other cryptocurrencies dropped sharply on Saturday morning, losing more than 17% to $42,620
The value of Ether also took a nosedive, going down by more than 18% in the last 24 hours to $3,500
The entire cryptocurrency market is down by more than 16% from yesterday with a market cap of $2.2 trillion
Bitcoin prices dropped sharply in the early hours of Saturday, losing more than 17% of its value to go below $43,000.
The world’s largest cryptocurrency was able to recover back to around $47,000 where it is currently trading.
The price of Ether also crashed rapidly, dropping close to $3500, before recovering back to $3,800.
Both cryptocurrencies have been hugely affected by the emergence of the new Omicron COVID 19 variant.
The current crash means that Bitcoin is officially down by more than 20% from its all-time high of $69,000, signaling a bear market.
Bear markets are usually defined by a drop of more than 20% or more from recent highs.
Every cryptocurrency in the top 100 by market cap also suffered a decline.
The entire cryptocurrency market is down by more than 16% in the last 24 hours with a market cap of $2.2 trillion.