Cryptocurrencies Lose $1 Trillion in Market Value

Cryptocurrencies have lost $1 trillion in market value from their peak reached on October 7, dropping from approximately $4.28 trillion to $3.28 trillion as of Friday, with more declines expected, particularly in Bitcoin.اضافة اعلان

Bitcoin’s price fell by 20 percent over about 17 days from its highest level of $116,000 reached during the month, and declined by around 6 percent over the past 24 hours to reach $97,168, according to CNN.

Key factors contributing to this drop include historic outflows from exchange-traded funds (ETFs), heavy selling by long-term holders, and negative technical indicators.

—(Petra)