Bitcoin Falls 20 Percent as El Salvador Buys 150 Coins in Dip

Bitcoin Falls 20 Percent as El Salvador Buys 150 Coins in Dip

The value of Bitcoin fell by more than 20 percent on Saturday amid general instability in world financial markets that may be partly due to the new Omicron variant of COVID-19.

Bitcoin, the largest cryptocurrency, fell as low as $41,967.50 before making some gains following the decline. That represents a total loss of more than 20 percent, but the value recovered to a degree and was down around 11 percent on Saturday morning.

Ether, the second largest cryptocurrency, also suffered losses on Saturday, dropping by as much as 17.4 percent before recovering, with its value down about 10 percent.