Bitcoin falls by 29% as $2.5 billion of crypto liquidated. What caused the plunge this time?

Bitcoin shed nearly a third of its value on Saturday as a combination of profit-taking and macro-economic concerns triggered nearly a billion dollars worth of selling across cryptocurrencies.

Bitcoin was 12 per cent down at 9.20 GMT at $47,495 (€41,980.83). It fell as low as $41,967.50 (€37,095.07) during the session, taking total losses for the day to 22 per cent.

By 22.01 GMT, it had rebounded slightly to $48,752.15 (€43,092.03) having lost $4,991.54 (€4,412.02) from its previous close.

The broad selloff in cryptocurrencies also saw Ether, the coin linked to the Ethereum blockchain network, plunge more than 10 per cent.

It too rebounded to losses of 3.61 per cent to $4,070.52 (€3,597.93), losing $152.28 (€134.60) from its previous close.

Based on cryptocurrency data platform Coingecko, the market capitalisation of the 11,392 coins it tracks dropped nearly 15 per cent to $2.34 trillion (€2.07 trillion). That value had briefly crossed $3 trillion (€2.65 trillion) last month, when Bitcoin hit a record $69,000 (€60,989).

Source: https://www.euronews.com/next/2021/12/04/bitcoin-falls-by-a-fifth-as-1-billion-of-crypto-sold-off-why-caused-the-plunge-this-time