Bitcoin lost a fifth of its value on Saturday as a combination of profit-taking and macroeconomic concerns triggered sales worth nearly $ 1 billion in cryptocurrencies.
Bitcoin was down 12 percent Saturday to $ 47,495, after plummeting 22 percent to $ 41,967.5.
The broad cryptocurrency selloff was also causing more than 10 percent of ether, the currency linked to the ethereum blockchain network, to plummet.
According to cryptocurrency data platform Coingecko, the market capitalization of the 11,392 coins it tracks was down nearly 15 percent, to $ 2.34 trillion.
That value briefly topped $ 3 trillion last month, when bitcoin hit a record high of $ 69,000.
The crash comes after a volatile week for financial markets.
Global stocks and benchmark US Treasury bond yields fell on Friday on data showing US job growth slowed in November.
In addition, uncertainties persist about the omicron variant of coronavirus.