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Christmas Is Over: Bitcoin (BTC) Loses $2 Trillion Market Cap
As the festive season comes to a close, the crypto market has been dealing with a significant downturn. Unfortunately, it appears that Christmas is indeed over for the price of Bitcoin (BTC), which has seen its market capitalization plummet by an astonishing $2 trillion.
In recent days, we have witnessed the cryptocurrency market’s tendency to mirror the movements of traditional financial assets, such as the S&P 500. This phenomenon is not new, and we’ve seen it play out before. The spot Bitcoin ETFs launched in the United States may have exacerbated this trend, causing a direct correlation between Bitcoin’s price movement and those of other stocks.
This unexpected shift has resulted in the cryptocurrency losing its unique characteristics that once made it so appealing to investors, such as the ability to stay active 24/7 without days off. Instead, we’re witnessing the market dynamics typical for traditional assets now apply to Bitcoin.
Source: u.today
