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Tuesday, January 25, 2022

Bitcoin loses nearly $7,000 in value within half an hour

Bitcoin, the cryptocurrency, fell sharply in value on Saturday. Where the digital currency was still worth USD 52,200 (EUR 46,140) around 6:00 am, half an hour later it was only USD 45,000. By 9 a.m., the cryptocurrency had recovered slightly and was worth $47,500, according to figures from Coinmarketcap.

The sharp drop is due to the uncertainty surrounding the omikron variant of the coronavirus. Little is known about the variant, which leads to a lot of uncertainty among investors. They, therefore, choose to dispose of more risky investments.

In addition to the decline of around 10 percent for bitcoin, other well-known cryptocurrencies also saw their value evaporate. Ethereum lost about 14 percent in the past 24 hours. Binance Coin was down about 13 percent.

The uncertainty surrounding the omikron variant was also felt on the traditional stock markets last week. The Amsterdam AEX index closed the week on Friday about 2.5 percent lower compared to Monday.