The cryptocurrency market is seeing a massive drop, with around a nine percent drop in overall crypto value.
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Reported first by the Independent, Bitcoin was down by 8.8 percent in the last 24 hours. This means the beloved cryptocurrency has now dropped below the $40,000 mark. This is surprising because just last year in November, it touched an all-time high of $70,000 valuation, but has now dropped 44 percent since that record.?
However, other coins have experienced the wrath too, with Ethereum falling 11.1 percent. The cryptocurrency has dropped almost 20 percent since its value around the start of January.?
This was seen after an overwhelming rise in trading volumes after many people rushed to sell off their cryptocurrencies before their values depreciated further. CoinMarketCap reported that the market volume was up by 113 percent.?
This also comes at a time when governments around the world are cracking down on cryptocurrencies. Russia has recently joined the list of nations that don't really support cryptocurrency as its central bank proposed a ban on cryptocurrency use and mining. It is also important to note that Russia today is one of the largest crypto mining nations across the globe.
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Russia comes a few months after China had initiated a full-scale shutdown on cryptocurrency trading as well as mining. Even nations like Pakistan, Turkey and even Iraq. India too is working on a new set of laws to better regularise the novel digital currency.?
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