Bitcoin, Ether, Other Cryptocurrencies Suddenly Drop More Than 16%

'Cryptocurrency was down by as much as 20% Saturday, hitting its lowest point in months,' reports MarketWatch:

Bitcoin, the largest cryptocurrency by market value, was down 18% at $46,571.84 at about 7 a.m. ET, according to data from CoinDesk. It temporarily dipped to $42,000 before bouncing back. Ether, the second-largest cryptocurrency, was down close to 16%.

The declines were widespread across the crypto universe. Other widely traded cryptocurrencies including Solana, Dogecoin, and Shiba Inu coin lost more than a fifth of their value.

Dogecoin now appears to be down more than 33%. According to the article, a 'market insights' official at cryptolender Genesis Global Trading speculated that a large sell order might have triggered cryptocurrency margin calls and liquidations.

Meanwhile, the president of El Salvador gloated on Twitter that they'd snapped up 150 bitcoins at an average price of $48,670 each, bragging that 'El Salvador just bought the dip!' MarketWatch reports.

'He later wrote that the country had 'Missed the f***ing bottom by 7 minutes,' followed by a laughing emoji.'

Read more of this story at Slashdot.