THE Bitcoin dipped by 0.63% to trade at $48,997.87 in the early hours of Monday.
This is coming after it dropped 20% to trade at $42,000 over the weekend.
The popular cryptocurrency had dropped sharply on Friday night, losing $10,000 in value in a nervous market before recouping some of its losses Saturday morning.
At one point late Friday, the often volatile cryptocurrency took a sudden sharp drop to $42,296, losing nearly 20 percent of its value.
According to experts, the results played out against the bullishness of investors as they had predicted a run at $100,000 a week ago.
This is also amidst uncertainty over the Federal Reserve inching towards tighter monetary policy in the face of surging inflation, and global fears over the new Omicron variant of Covid-19.
The dramatic crash was super-charged by liquidations in the crypto derivatives market, market players say.
Similarly, Ethereum, the world’s second largest cryptocurrency by market capitalization dropped by 0.98% to trade at $4,160.10.
