Cryptocurrency

Crypto Market Crashes as Bitcoin Falls Below $43,000

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.

Bitcoin

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.

Covid 19 Omicron

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.

Read also: 5 Billionaires and the Cryptocurrencies They Own

Every cryptocurrency in the top 100 by market cap also suffered a decline.

Omicron cryptocurrency

The entire cryptocurrency market is down by more than 16% in the last 24 hours with a market cap of $2.2 trillion.

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