How much value did Bitcoin lose before recovering slightly?

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Bitcoin Experienced a Significant Value Drop Before a Partial Recovery

Bitcoin experienced a sharp decline, losing US$10,000 in value overnight in a volatile market. The cryptocurrency fell to a low of US$42,296 at one point on Friday, representing a loss of nearly 20 per cent of its value. By Saturday afternoon GMT, it had recovered some ground, trading at US$48,210, though still down 10 per cent from the previous day.
Sharp Overnight Decline

The digital asset saw a significant loss of value in a short period. At its lowest point late on Friday, Bitcoin's price dropped to US$42,296. This represented a substantial decrease, approaching 20 per cent of its value from earlier in the week.
Partial Recovery on Saturday

Following the sharp drop, Bitcoin began to regain some of its lost value. By 1600 GMT on Saturday, the cryptocurrency was trading at US$48,210. Despite this recovery, its price remained 10 per cent lower than its value on Friday.
Market Influences and Volatility

This significant price movement occurred amidst broader market nervousness, influenced by factors such as the Omicron variant of Covid-19 and expectations of a more aggressive stance from the Federal Reserve. Analysts noted that digital assets were affected by general risk-off conditions, with contagion from a sell-off in equities contributing to the decline in Bitcoin. The cryptocurrency's tendency for rapid and substantial price swings is a recognized characteristic, with similar drops of 20-30 per cent having occurred in previous bull markets.

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How much value did Bitcoin lose before recovering slightly?

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