Bitcoin Prices Dip Dramatically Overnight

Bitcoin prices fell dramatically early Saturday morning.

The price of the world’s largest cryptocurrency fell 12% around 4:20 a.m. ET, reaching $ 47,495.

Bitcoin fell to $ 41,968 overnight, bringing the day’s total losses to 22%.

A combination of profit taking and macroeconomic concerns has triggered nearly $ 1 billion in cryptocurrency sales.

Ether, another popular cryptocurrency, also fell almost 10% overnight.

As of early Saturday afternoon, the nearly 11,400 cryptocurrencies tracked by the CoinGecko data platform have fallen more than 11% to $ 2.37 trillion. That value briefly crossed $ 3 trillion last month, when bitcoin hit a record high of $ 69,000.

Cryptocurrencies started falling on Friday, following data showing job growth slowed in the United States last month and the announcement of the omicron variant of the coronavirus.

The sell-off also comes as executives from eight major cryptocurrency companies are expected to testify for the first time before the United States House Financial Services Committee on Wednesday as lawmakers determine how best to regulate cryptocurrencies. .

Reuters contributed.

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