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.

Read also: 5 Billionaires and the Cryptocurrencies They Own

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.

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