Bitcoin dropped 5.71% to $35,210 at 0600 GMT on Saturday, losing $2,131.11 from its previous close.
Bitcoin, the world’s biggest and best-known cryptocurrency, is down 45.7% from its 2021 high of $64,895.22 on April 14.
Ether , the coin linked to the ethereum blockchain network, dropped 2.54 % to $2,293.26 on Saturday, losing $59.84 from its previous close.
Bitcoin is a cryptocurrency created in January 2009 following the housing market crash. It follows the ideas set out in a whitepaper by the mysterious and pseudonymous Satoshi Nakamoto. The identity of the person or persons who created the technology is still a mystery.
Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies.
There are no physical bitcoins, only balances kept on a public ledger that everyone has transparent access to, that – along with all Bitcoin transactions – is verified by a massive amount of computing power. Bitcoins are not issued or backed by any banks or governments, nor are individual bitcoins valuable as a commodity.
Despite it not being legal tender, Bitcoin charts high on popularity, and has triggered the launch of hundreds of other virtual currencies