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Dramatic slide for cryptocurrencies, Bitcoin loses 12.1% of its value

Cryptocurrencies

Cryptocurrencies fell significantly, Saturday morning, while Bitcoin lost 12.1% of its value.

Bitcoin recorded a level $47,176, losing $65,67.6 from the previous close.

The world’s largest and most popular cryptocurrency, is down 31.6 percent from its year’s peak of $69,000 on November 10, according to Reuters.

Cryptocurrencies

As for Ether, it fell 10.14 percent to $3,794.61, losing $428.19 from its previous close.

The market value of cryptocurrencies lost about 17.50% at the beginning of Saturday’s trading. It reached $2.16 trillion, with a trading volume of $165.93 billion in the last 24 hours.

The red color dominated the indicators of most of the cryptocurrencies which witnessed a sharp decline. Its total decrease over a week was about 13.5%.

This came as a continuation of the decline in the value of Bitcoin during the past two weeks, after the announcement of the discovery of the new Coronavirus Omicron mutant in a number of countries. The World Health Organization classified the new  mutant as alarming.

Digital currencies are virtual currencies that do not have a physical presence, not covered by tangible assets, traded over the Internet, not issued by any central bank, not under the supervision of any regulatory authority and, not controlled by any central authority.

Cryptocurrency mining relies on thousands of computers around the world that validate transactions and add more of these coins to the system.

Other currencies

The price of Bitcoin BTC collapsed by 16.18% to reach $47,609.80.

Meanwhile, the price of the Ethereum coin (ETH) fell by 15.69% to $47,609.80.

The price of the Binance coin BNB fell by 12.71% to reach $540.10.

The price of the cardano ADA coin also fell by 20.83% to record $1.34.

At the same time, the price of Ripple XRP fell 23.16% to $0.7514.

The price of the Polkadot DOT coin fell 20.53% to $28.42.

Meanwhile, the price of the DOGE coin (Dogecoin) decreased by 23.89% to reach $0.1597.

The price of the Litecoin (LTC) currency decreased by 25.33% to reach $ 151.53.

The price of the Chainlink LINK coin fell by 25.74% to $18.55.

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