The plunge of cryptocurrencies overnight Saturday caused investors to reduce riskier bets in the financial markets, which were rattled by the spread of the omicron coronaviruses variant.
The photo illustration is by Chesnot.
The images are from the same company.
As of 9:30 a.m., the No. 1 criptocurrency by market value was $47,558.47. Saturday was down 16% from a day earlier.
It had fallen as much as 20%.
As of Saturday morning, the second-largest digital token was off 13.1%, the third-largest token was down 11%, and the fifth-largest token was giving up 17.2%.
According to the Wall Street Journal, the market value of the coins fell more than a fifth.
The financial markets were volatile last week. The omicron variant has led countries around the world to restrict travel due to the fear that vaccines may not be as effective against the strain. Powell said earlier this week that the central bank could speed up the pace of its bond-buying program with inflation looking more persistent than policy makers had thought.
The Wall Street Journal reported that the price of the virtual currency fell after the market fell.
There is another sign of global market nerves.
