Bitcoin falls as much as 22% with global market nerves on edge



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A combination of profit-taking and macro-economic concerns triggered a billion dollars worth of selling across cryptocurrencies on Saturday.

At 0920GMT, the price of the digital currency was $47,495. It lost 22% of its value during the day as it fell as low as $41,967.5.

ether, the coin linked to the ethereum network, plunged more than 10% during the broad selloff in cryptocurrencies.

The market cap of the 11,392 coins it tracks dropped by 15%. The value briefly crossed $3 trillion last month.

Financial markets have had a volatile week. The Omicron variant of the coronaviruses kept investors on edge after data showed US job growth slowed in November.

Business Insider has an original article.