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An already dramatic crash in the crypto markets has become yet more drastic, with bitcoin and other digital currencies losing hundreds of billions of dollars from their value.
Bitcoin has now fallen 16.8 per cent over the last week. Other coins have seen even more dramatic losses: ethereum is now down 25 per cent.
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That follows what was already the worst start of the year for bitcoin in history. After hitting a record high of almost $68,000 in November, it is now worth under $36,000.
Bitcoin’s price had already taken a major hit on Thursday night into Friday, when it fell from around $43,000 to around $38,500. But that plunge continued even more early on Saturday morning, taking it to a low of $35,140, according to the Independent.
Anyone who bought bitcoin at the start of the year has now seen it lose more than 23 per cent of its value, in just three weeks.
Bitcoin passed the $60,000 mark for the first time on Saturday, with analysts saying the giant US stimulus package helped boost the world’s most popular virtual currency on its record-breaking run.
Bitcoin recently exceeded the $23,000 mark – an all-time high – which has set the global investment community buzzing. Ethereum, the world’s second largest cryptocurrency by market capitalization,
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The world's largest cryptocurrency fell as much as 7.8% to $20,289, its lowest since December 2020. It has lost around 28% since Friday and more than half of its value this year. It has slumped about 70% from its record high of $69,000 in November.
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