Bitcoin falls 6.1 percent to $47,607, Ether slides %5,57

Bitcoin fell to $47,606.92 on Tuesday with a %6,13 drop, losing $3,111.19 from its previous close. Ether, on the other hand, saw a 5,57 drop valued at $3,812 losing $224,000 from its last close.

According to data from Coinglass, cryptocurrencies worth approximately $1b have been liquidated.

The sharp falls in the cryptocurrency market came following concerns about the new Omicron variant and inflation, which caused uncertainties regarding monetary policies.

But some inventors saw this drop as a "buying opportunity", while Nayib Bukele, President of El Salvador, where Bitcoin is accepted as local currency, has announced that he bought 150 Bitcoin from $48,700.