Bitcoin plunges over 20% in another sign of global market nerves

Bitcoin plunged along with other cryptocurrencies on Saturday, in another indication of the risk aversion sweeping across financial markets.
 

The largest digital token fell as low as $42,296 before paring some of the tumble. It was trading at about $47,600 as of 1:50 p.m. in Singapore on Saturday, a drop of about 11%.

Ether, the second-largest token, fell as much as 17.4% before trimming the retreat to about 10%. The overall crypto sector has shed around a fifth of its value, sliding to $2.2 trillion, according to tracker CoinGecko.

The swings in cryptocurrencies come amid a volatile period for financial