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Christmas Is Over: Bitcoin (BTC) Loses $2 Trillion Market Cap
In recent news, the cryptocurrency market has been experiencing a significant downturn. Bitcoin’s price plummeted from its new all-time high of $108,353 to $92,300, leaving traders and investors alike wondering about the future of the asset.
The sudden drop in value comes as a shock to many, especially considering the previous trends. According to financial analyst Gamza Khanzadaev, this unexpected event has sparked confusion among market participants.
“This downward trend is quite unusual,” he stated. “Usually, during holidays and Christmas period, there’s a pause in trading activities. However, we’ve seen Bitcoin fall from its all-time high of $108,353 down to around $92,300. This sharp decline raises more questions than answers.”
As a result, the market capitalization of Bitcoin has lost approximately $2 trillion. The sudden loss in value can be attributed to a variety of factors.
One potential cause is the launch of spot Bitcoin ETFs in the US. With these new products on the market, we may see similar correlations with traditional stock markets like the S&P 500.
Source: u.today
