Bitcoin prices plummeted overnight to a low of about $43,000.
As of 10:30 am EST Saturday, the cryptocurrency had dropped more than 13% in the previous 24 hours, from $56,294 to $48,309 – a loss of almost $8,000.
That’s a stark contrast from its all-time high of just last month, when Bitcoin reached almost $69,000 on November 9.
It’s a slight rebound from a plunge of more than 17% earlier in the day.
Ether, the second most popular cyrptocurrency, fell almost 10%.
The drop for bitcoin follows a volatile week for financial markets. Global equities and benchmark U.S. bond yields tumbled on Friday after data showed US job growth slowed in November and the Omicron variant of the coronavirus kept investors on edge.
Data from another platform, Coinglass, showed that nearly $1 billion worth of cryptocurrencies had been liquidated over the past 24 hours, with the bulk being on digital exchange Bitfinex.
Correction: A previous version of this story misstated Bitcoin's lowest point in its drop in value overnight. It fell to about $43,000.