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Why did the price of bitcoin fall 30%?

The price of the famously volatile digital currency fell nearly 30% at one point after the China Banking Association warned member banks of the risks associated with digital currencies. The decline narrowed to below 10% in the afternoon, but Bitcoin had still lost about $70 billion in market value in 24 hours.

What happened to bitcoin?

SAN FRANCISCO — The price of Bitcoin plunged to its lowest point since 2020. Coinbase, the large cryptocurrency exchange, tanked in value. A cryptocurrency that promoted itself as a stable means of exchange collapsed. And more than $ 300 billion was wiped out by a crash in cryptocurrency prices since Monday.

What happened to Bitcoin (BTC) & other cryptocurrencies today?

Bitcoin (BTC) and other cryptocurrencies have seen precipitous declines in morning trading today. Even though BTC is still up more than 50% year-to-date, the world’s oldest cryptocurrency is down more than 6% over the past 24 hours. This means bitcoin—which soared in recent weeks to new all-time highs above $73,000—is back down to $65,000.

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