On Saturday, Bitcoin lost a fifth of its value due to profit-taking and macro-economic concerns, resulting in roughly a billion dollars worth of selling across cryptocurrencies.
At 9.20 a.m. GMT, bitcoin was trading at $47,495 (€41,980.83), down 12%. During the session, it went as low as $41,967.50 (€37,095.07), bringing the day’s losses to 22%.
Ether, the token linked to the Ethereum blockchain network, fell more than 10% as a result of the broader cryptocurrency selloff.
The market capitalization of the 11,392 currencies tracked by cryptocurrency analytics portal Coingecko fell over 15% to $2.34 trillion (€2.07 trillion). Last month, when Bitcoin achieved a record $69,000 (€60,989), its value momentarily surpassed $3 trillion (€2.65 trillion).