Bitcoin plummets 20% overnight as markets panic over Omicron stress

It has been a rough week for the markets as a whole, with Bitcoin taking a big hit overnight (Image: Getty Images)

Bitcoin dropped in value overnight as concerns about the Omicron variant affected financial markets.

The world’s largest cryptocurrency fell to as low as $42,000 (£32,500) overnight.

It has plummeted 26% from a value of $57,000 (£43,000) yesterday morning and despite some gains thereafter, it is still down 17% at $47,000 (£35,500).

It follows a volatile week, not only for crypto but for the market as a whole, as investors remain on the lookout for the Omicron variant.

Economic growth forecasts from the International Monetary Fund are likely to be downgraded due to renewed tensions, leading to new restrictions on movement around the world.

Other cryptocurrencies also plunged, with Ether, a coin linked to the Ethereum blockchain network, dropping more than 10%.

Figures from trading platform Coinglass show that nearly $1 billion (£755,000) worth of cryptocurrency has sold off in the past 24 hours.

But that’s not bad news if you’re toying with investment ideas, said Justin d’Anethan, head of exchange sales at Hong Kong-based crypto exchange EQONEX.

He added: ‘If anything, this is a buying opportunity for many investors who may have previously felt like they missed the boat.

‘We could see Tether being bought at a premium, showing that people are getting cash ready, in the crypto space, to do it.’

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Huynh Nguyen

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