Bitcoin falls further after weekend rout wipes more than $400 billion from crypto markets

Bitcoin falls further after weekend rout wipes more than $400 billion from crypto markets

Fell Monday after a dramatic rout wiped more than $400 billion from crypto markets over the weekend. The world's biggest cryptocurrency was down 3.7% to $47,585 on the Coinbase exchange as of 5.35 a.m. ET. Bitcoin crashed to as low as $42,000 Saturday from above $57,000 Friday, before rebounding to trade just below $50,000 for most of Sunday. As of Monday, the token was roughly 30% below its November record high of close to $69,000, underscoring the volatility of the digital asset. , the second-biggest token, was down 6.4% at $3,951 Monday on Coinbase. It too crashed Saturday, falling as low as $3,570 before rebounding somewhat. The weekend plunge wiped more than $400 billion from the global cryptocurrency space, with the total market value of all tokens falling from above $2.6 trillion to below $2.2 trillion Monday, according to . Crypto markets started tumbling Friday such as tech and meme stocks. A combination of worries — including the new Omicron coronavirus variant, rising chances that the Federal Reserve will tighten monetary policy, and mixed signals from the US economy — have unnerved investors. Analysts said the crypto crash was exacerbated by the structure of the markets, where traders often use