The price of bitcoin plummeted early Saturday, falling nearly $10,000 in roughly an hour to a temporary low of $42,000 before bouncing up to $45,000.
Bitcoin has fallen some $15,000 over the past 24 hours. Ether, the second largest cryptocurrency by market capitalization, fell around $1,100 over the same time period.
The leading cryptocurrency reflected a broader drop in crypto markets, according to CoinDesk’s price index, with some cryptocurrencies falling more than 20% over the past 24 hours. Most of these assets appear to have suffered a sharp decline starting around 04:00 UTC Saturday.