Bitcoin settles down Sunday after sudden 20% plunge Saturday

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Bitcoin prices calmed down after a wild sell-off on Sunday, in which the price of the cryptocurrency fell by more than 20%.

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Sunday 7 PM Eastern, Bitcoin BTCUSD,
-0.05%
After falling to at least $42,169 over the course of an hour on Saturday morning, it was at around $49,250, according to data from Coinbase.

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Bitcoin is still down around 14% over the past five days following Sunday’s recovery, and is down 20% over the past month. But it is around 70% to date and 158% in the last 12 months.

The sharp sell-off on Saturday followed a fall in global stocks, and was spread to other crypto assets. Ether ETHUSD,
+0.28%,
Which runs on the Ethereum blockchain, lost about 15% at one point on Saturday but recovered those losses, trading at $4,194 as of Sunday night. According to Coinmarketcap.com, Saturday’s drop marked a drop of nearly $400 billion from the global crypto market cap.

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Bitcoin Phases Weekend Crash As ‘A Perfect Storm’ That Puts It On The Verge Of A ‘Breakdown’ Here’s what crypto bulls are saying.

Cryptocurrency analyst Nicholas Merton, founder and CEO of DigiFox and host of a popular crypto-focused YouTube channel, tweeted on Sunday that bitcoin is not facing a bear market — a drop of 20% or more from its traditionally recent highs. As perceived – but warned its prices may continue to fall:

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