Bitcoin falls by 20% as $1 billion of crypto sold off. What caused the plunge this time?
Bitcoin shed a fifth of its value on Saturday as a combination of profit-taking and macro-economic concerns triggered nearly a billion dollars worth of selling across cryptocurrencies.
Bitcoin was 12 per cent down at 9.20 GMT at $47,495 (€41,980.83). It fell as low as $41,967.50 (€37,095.07) during the session, taking total losses for the day to 22 per cent.
The broad selloff in cryptocurrencies also saw Ether, the coin linked to the Ethereum blockchain network, plunge more than 10 per cent.
Based on cryptocurrency data platform Coingecko, the market capitalisation of the 11,392 coins it tracks dropped nearly 15 per cent to $2.34 trillion (€2.07 trillion). That value had briefly crossed $3 trillion (€2.65 trillion) last month, when Bitcoin hit
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