NEW YORK, United States — The bitcoin dropped
sharply overnight, losing $10,000 in value in a nervous market before recouping
some of its losses Saturday morning.
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At one point late Friday, the often volatile
cryptocurrency took a sudden sharp drop to $42,296, losing nearly 20 percent of
its value.
But by 4pm GMT Saturday, the virtual currency had
regained some ground, trading at $48,210, down 10 percent from Friday.
The leading Wall Street indicators all ended in the
red Friday amid weakness in tech shares and fears about the new
Omicron variant
of
COVID-19.
"Digital assets got pushed around by the broader
risk of conditions related to Omicron and expectations of a more aggressive
Fed, but didn't properly sell off until Friday, on contagion from
equities," said Martha Reyes, research director at the Bequant digital
asset brokerage and exchange.
Reyes said the decline in the value of bitcoin, often
prone to violent swings, was not entirely surprising. Since late November, she
said in a note, it had been "stuck in a narrow range" while some
investors wanted to unwind their positions.
Anto Paroian, the chief operating officer at crypto
hedge fund ARK36.com, said current price levels "aren’t unexpected,"
just weeks after the currency set a record of $68,363 before falling and
repeatedly failing to again pass the $60,000 mark.
"During previous Bitcoin bull markets violent
swings of 20–30 percent happened a few times before the market topped," he
said in a note.
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