Monday, January 17th, 2022

Bitcoin and ether prices drop sharply

Bitcoin and ether are the two most prominent cryptocurrencies.

Jaap Arriens | NurPhoto | Getty Images

Bitcoin prices dropped sharply in the early morning hours ET Saturday, plunging more than 10% to a low near $43,000.

The world’s most prominent cryptocurrency pared losses subsequently, changing hands at around $47,607. Still, bitcoin has dropped more than 16% in the past 24 hours, according to Coindesk.

The price of ether also dived, dropping more than 10% to a low near $3,500. It came back somewhat afterward, trading near $3,888.

Ether, the world’s second-largest digital coin by market value, has lost more than 14% over the past 24 hours, according to Coindesk.

Both cryptocurrencies have experienced turbulent trade since the omicron Covid variant emerged. On Nov. 26, bitcoin hit a seven-week low close to $54,000, officially entering bear market territory.

Bitcoin is down more than 20% from an all-time high close to $69,000, which it hit in early November. Bear markets are typically defined as a decline of 20% or more from recent highs.