Bitcoin dropped to a six-month low on Saturday, extending a steep fall recorded in the previous session as the cryptocurrency market was swept up in a powerful shift by investors out of speculative assets.

The price of the biggest digital token by market value fell 4.3 percent in the European morning on Saturday to $35,127, the lowest level since July 2021. Bitcoin has now lost almost a quarter of its value this year.

Other cryptocurrencies have also come under intense selling pressure, with an FT Wilshire index of the top five tokens excluding bitcoin down 30 percent in the first month of 2022.