Bitcoin plummets by 20% overnight as markets panic over Omicron strain

It’s been a tough week for markets in general, with Bitcoin taking a huge hit overnight (Picture: Getty Images)

Bitcoin plunged in value overnight as concerns over the Omicron variant took their toll on financial markets.

The world’s biggest cryptocurrency fell as low of around $42,000 (£32,500) overnight.

It sharply crashed by 26% from a value of $57,000 (£43,000) yesterday morning and despite making some gains later, it is still down by 17% at $47,000 (£35,500).

It follows a volatile week, not just for cryptocurrencies, but for markets in general, as investors remain on edge about the Omicron variant.

Economic growth projections from the International Monetary Fund are likely to be downgraded due to the new strain, which has led to fresh travel restrictions across the world.

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

Figures from trading platform Coinglass showed nearly $1billion (£755,000) worth of cryptocurrencies had been sold off over the past 24 hours.

But it’s not all bad news if you’ve been toying around with the idea of investing, says Justin d’Anethan, Hong Kong-based head of exchange sales at the EQONEX cryptocurrency exchange.

He adds: ‘If anything, this is the opportunity to buy the dip for many investors who might have previously felt like they missed the boat.

‘We can see Tether bought at a premium, suggesting people are getting cash ready, within the crypto space, to do just that.’

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