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The cryptocurrency market has recently experienced a dramatic decline, disappearing about 9 of the entire value.
Cryptocurrency Bitcoin marked a record decline of 8.8 percent in the last 24 hours, while other currencies had even greater declines, including Ethereum, by 11.1 percent.
The development seems to be coming after the drastic increase in the trading volume of the sector, as people try to get rid of cryptocurrencies that are depreciating by speculating to profit as much as possible.
The volume of the “crypto” market before the fall had increased by 113 percent, according to the tracking group CoinMarketCap, write britanikja Independent.
The recent decline means that the bitcoin currency has fallen below the $ 40,000 value, which many analysts point to as an important psychological factor of the extent of the damage.
This may also be a signal that the phenomenon known as the “winter of cryptocurrencies” is real.
Bitcoin had the worst start of a year this year with a sharp decline.
Poor performance is in stark contrast to the gloss at the end of last year when on November 1 Bitcoin hit the value of almost $ 70,000 – while now it is 44 percent below the record.
Optimistic experts say bitcoin and other cryptocurrencies will return to previous levels, in the form of a hedge against inflation.
But inflation has been active anyway and cryptocurrency prices have continued to fall.
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