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Cryptocurrency Bitcoin Price Plummets After Wall Street Selloff

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Cryptocurrency Bitcoin Price Plummets After Wall Street Selloff

Over the past 24 hours, Bitcoin has fallen below $47,000, a drop of almost 10%%. With this drop, Bitcoin price has fallen to its lowest point since May 15, when it briefly dropped below $33,000.

After hitting a high of $57,206 earlier this week, BTC prices fell 26.4% to $42,268 before recovering back to the $45k mark. Data from Coinglass indicates that the Bitcoin market has seen total liquidations of $1.3B in the past hour, including $735M liquidated in BTC longs.

Consequently, Bitcoin’s bear market cancels out the two-month bull market since Sept. 29, when BTC soared over 63% to become the most valuable coin in history by Nov. 08, reaching $67,602. TechDev points out, however, that Bitcoin’s price action has followed a similar trend year after year.

A second factor for Bitcoin’s two-month bearish streak is the fact that federal US regulators have invited CEOs of prominent crypto exchanges such as FTX and Binance for a hearing on crypto-assets.

However, some believe that following the decline, the price of Bitcoin can now stabilize. In one example, CEO of crypto educational platform Eight Global Michael van de Poppe said:

In spite of concerns regarding volatility and non-compliance with traditional financial practices, Bitcoin is still proving to be a viable asset for jurisdictions with unstable economies.

During Saturday’s 18:02 GMT, Bitcoin lost $5,346.13 from its previous close, dropping 9.95% to $48,397.56.

Ether, the cryptocurrency linked to the ethereum blockchain network, fell 4.67 % to $4,025.67 on Saturday, losing $197.13 from its previous close.

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