We already covered the recent market falls in our show yesterday, but there was not time to cover the market movements in Crypto land. I have suggested that Bitcoin for example, being a pure digital play, with no underlying, is more exposed to volatility in times of uncertainty. So while Gold when nowhere, as markets fell, Bitcoin shed a fifth of its value on Saturday thanks to a combination of profit-taking and macro-economic concerns. This triggered nearly a billion dollars worth of selling across cryptocurrencies.
At one stage Bitcoin was 22% down to as low as $41,967.5 during the session, taking total losses for the day to 22%. It subsequently recovering from the biggest drop in crypto since September 7th and is sitting at 49,038 a mere 7% down.
The broad selloff in cryptocurrencies also saw ether, the coin linked to the ethereum blockchain network, plunge more than 10%.
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