Cryptocurrency market crash - Economist

The price of cryptocurrencies in general and cryptocurrency bitcoin fell sharply on Saturday, dropping more than 20% and reaching a low of near $43,000, then retracing its losses as it is currently trading at the $47,000 level.

According to cryptocurrency exchange Binance, bitcoin has fallen more than 16% in the past 24 hours, and the price of Ethereum has fallen more than 10% to a low near $3,500, then pared its losses and is trading near $3,888.

According to Binance, Ethereum, the world's second-largest cryptocurrency by market capitalization, has lost more than 14% of its value in the past 24 hours.

In the same context, we find that cryptocurrencies have witnessed a decline since the emergence of the “Omicron mutated” on November 26, 2021, as Bitcoin reached a seven-week low near $54,000, and officially entered the bear market territory. Bear markets are usually defined as A decrease of 20% or more from the recent highs.

Bitcoin is down more than 20% from its all-time high near $69,000, hit in early November.