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Christmas is Over: Bitcoin (BTC) Loses $2 Trillion Market Capital
It seems like the festive spirit has failed to boost the cryptocurrency market, as Bitcoin’s recent price slump has led to a staggering loss of $2 trillion in its market capitalization.
The year 2024 had brought significant gains for Bitcoin, with it reaching an all-time high of $108,353 per BTC on Binance. However, this rally was short-lived, and the digital currency plummeted to as low as $92,300. This drastic fall has not only affected the crypto market but also global financial markets.
The fact that Bitcoin is traded 24/7 with no days off does not seem to be an advantage anymore. The constant pressure on traders and investors, without any chance of a reprieve or respite, may have led to the recent sell-off.
It’s unclear where the major cryptocurrency will find its local bottom, but one thing is certain – this price drop has sent shockwaves throughout the entire market.
Source: u.today
