It’s been a wild weekend for Bitcoin, dropping 9.29% to $48,752.15, losing $4,991.54 from its previous close.
Bitcoin, the world’s biggest and best-known cryptocurrency, is down 29.3% from the year’s high of $69,000 on November 10.
Ether, the coin linked to the ethereum blockchain network, dropped 3.61% to $4,070.52 on Saturday, losing $152.28 from its previous close.
The downward spiral for Bitcoin began oSaturday morning before gathering momentum after late-afternoon selling.
Between Friday evening and late Saturday afternoon Saturday, bitcoin fell from $US56,740 to $US44,800.
As of Sunday afternoon, Bitcoin was nine per cent lower than the previous week.
Bitcoin is notoriously volatile but jumped in value in the last year.
Concerns about the Omicron variant’s effect on the global economy have continued, with an International Monetary Fund official warning that new Covid-19 outbreaks would “dent confidence, and in that sense, we are likely to see some downgrades of our October projections for global growth”.
