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Bitcoin prices slipped on Saturday as the world's largest cryptocurrency was trading at $47,164.46 down 16.6% in the last 24 hours, according to CoinGecko. Bitcoin plummeted in early hours on Saturday, falling nearly $10,000 in an hour to a temporary low of $42,000 before bouncing up to $47,000.  About $2.4 billion of crypto exposure, both long and short, was liquidated on Saturday, the most since September 7, according to data from Coinglass.com. Bitcoin has shed about $21,000 since hitting a record on November 10 of $69,000.

Besides, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency, fell 15.9% to $3,848.23 on Saturday.

The global cryptocurrency market cap today is $2.3 Trillion, a -16.4% change in the last 24 hours. Total cryptocurrency trading volume in the last day is at $201 billion. Bitcoin dominance is at 38.8% and Ethereum dominance is at 19.9%.

Dogecoin was also red on Saturday. The cryptocurrency fell 22.2% to $0.163772 today. And, Shiba Inu fell 13.2% to $0.00003604 in the same period. The performance of other cryptocurrencies like Litecoin, XRP, Polkadot, Uniswap, Stellar, also were trading with losses over the last 24 hours.

The swings in cryptocurrencies come amid a volatile period for financial markets. Spiking inflation is forcing central banks to tighten monetary policy, threatening to reduce the liquidity tailwind that lifted a wide range of assets. The omicron variant of the coronavirus has also led to risk aversion over concerns about what it might mean for global economic reopening.

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