Bitcoin prices were lower on Monday following losses that saw the world’s biggest cryptocurrency by market capitalization fall by more than $10,000 a token, or roughly 20%, since mid-day Friday in its worst rout since May.
Bitcoin at last check was trading at $47,325.13, down 4.27%, after stabilizing late Sunday. The digital token dropped nearly $10,000 in roughly an hour to as low as around $42,000 early Saturday morning in the wake of Friday’s broader market selloff attributed to the omicron variant and concerns about slowing economic growth.
Saturday’s steep decline marked bitcoin’s biggest price drop since a May selloff, when bitcoin slumped from over $43,000 to under $32,000 over a 24-hour period, a nearly 27% decline. Since Friday, the digital asset has slumped more than 17%. Trading volume on Saturday reached $20 billion, according to data compiled by CoinDesk.
Forced liquidation by institutions holding bitcoin also reportedly exacerbated the weekend losses.
Other cryptocurrencies also fell sharply on Saturday, though many of these altcoins, led by ether, have shown more resilience. Over the past week, ether’s price was down 3.7% versus bitcoin’s 14.6% price drop.
Bitcoin is down about 30% from the year's high of $69,000 on Nov. 10. Bukele said last week that El Salvador had acquired 100 additional coins to take advantage of the currency weakening. The country bought 150 coins during the last dip in September.
Ether, the world's second-biggest cryptocurrency, was down 5.95% at $3966 at last check. Solana was down 4.92% at $180.45, XRP was down 3.48% at 76 cents and Cardano was down 8.27% at $1.27. Polkadot was down 5.7% at $25.38.