Bitcoin prices plummeted overnight to a low of about US$43,000.
As of 10:30 am EST Saturday, the cryptocurrency had dropped more than 13 per cent in the previous 24 hours, from US$56,294 to US$48,309 — a loss of almost US$8,000.
That’s a stark contrast from its all-time high of just last month, when Bitcoin reached almost US$69,000 on November 9.
It’s a slight rebound from a plunge of more than 17 per cent earlier in the day.
Ether, the second most popular cyrptocurrency, fell almost 10 per cent.
The drop for bitcoin follows a volatile week for financial markets. Global equities and benchmark U.S. bond yields tumbled on Friday after data showed US job growth slowed in November and the Omicron variant of the coronavirus kept investors on edge.
Data from another platform, Coinglass, showed that nearly US$1 billion worth of cryptocurrencies had been liquidated over the past 24 hours, with the bulk being on digital exchange Bitfinex.