Bitcoin and other cryptocurrencies fell sharply Saturday, another sign that investors were pulling back from riskier bets after this week’s stock-market selloff.

Bitcoin, the largest cryptocurrency by market value, was trading at $47,555.84 around 9:30 a.m. Eastern Time on Saturday, down 16% in 24 hours, according to data from CoinDesk. Around midnight it had plunged to $42,000 before bouncing back. Ether, the second-largest cryptocurrency, was down more than 13%.