Bitcoin Price Plunges To $47,400 Amid Cryptocurrency Rout

Bitcoin had a rough weekend, with its price plunging more than 17% to $47,400.

The price of Bitcoin fluctuated wildly over the weekend amid continued volatility that sent the entire cryptocurrency market tumbling. On Saturday, the price of the largest digital coin dropped to a low of $43,000, down from the $57,000 it traded at last Friday (December 3).

Bitcoin’s sharp decline follows Friday’s selloff in the broader market. All three major averages finished Friday’s trading in the red and posted losses for the week amid fears over what the Omicron variant of COVID-19 means for the global economy.

The Nasdaq Composite index underperformed the Dow Jones and S&P 500 on Friday, with technology stocks getting hit especially hard. This selling extended to cryptocurrencies.

The selling over the last 48 hours builds on recent declines for Bitcoin. The cryptocurrency officially entered bear market territory on November 26 after dropping to a then seven-week low around $54,000.

Bitcoin is now nearly 30% below its all-time high of $69,000, which it hit in early November.

Other cryptocurrencies, including number two Ethereum, also stabilized on Sunday, advancing about 1.5% to $4,176 per coin. On Saturday, Ethereum hit a low near $3,500, after plunging more than 16% between Friday and Saturday morning.