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Bitcoin Dumps Below $80K as Trade War Tensions Escalate
The cryptocurrency market has experienced a significant downturn in recent days, with the price of bitcoin plummeting below $80,000 for the first time since October 2023. The sudden and drastic decline is attributed to escalating trade war tensions between the United States and other countries.
In the past week alone, crypto market capitalization has lost approximately 18%, falling to its lowest level since late November 2019. This marks a stark departure from the recent uptrend seen in October of last year, with Bitcoin (BTC) price losing nearly 19% over the same period.
Market observers have taken note that the recent downturn is not only restricted to the cryptocurrency space but has also had a profound impact on traditional stock markets as well. The Dow Jones Index, for instance, took a sharp hit yesterday, plummeting by roughly 3%.
Source: https://cryptopotato.com/bitcoin-dumps-below-80k-as-trade-war-tensions-escalate/
