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The crypto market has fallen by more than $ 70 billion



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The cryptocurrency market fell by more than $ 70 billion after Bitcoin fell to $ 33,000

The crypto market passed by a volatile weekend that ended with the crypto market retreating from the level of $ 1 trillion, with an estimated time of writing this article at $ 922 billion, according to coinmarketcap.

The price of Bitcoin fell by 12.46% in the last 24 hours, followed by most of the alternative digital currencies, so the crypto market as a whole was affected by these declines.

Ethereum saw losses by 14%, Ripple by 12%, Litecoin by 18%, and EOS fell by 20%.

In light of the declines in the major digital currencies in terms of total market capitalization, the trading volume of the stablecoins led by the Tether currency increased, followed by the USDC and DAI.

Then the decline in bitcoin is interpreted as a possible signal that could mean that Bitcoin has reached its peak, causing a cascade effect among young traders.

But when looking at the technical indicators, opinions differ between those who see that Bitcoin has settled for its rise and that it has entered the phase of the unknown correction at its end, and some of them see that it is just taking a breath to collect more peaks and record levels.

Reasons for the decline in the crypto market:

As we pointed out at the beginning of the article, the total market value of the crypto market has fallen below the level of $ 1 trillion.

"The Sunday Times" suggests that the recent market drop was due to the global bank "HSBC" preventing traders of cryptocurrencies from depositing their money into accounts registered with the bank.

This is a reminder that the crypto market is still not fully accepted and adopted by institutions and that it still has a great way to go.

On the other hand, Matt Mali, chief market strategist at Miller Tabak + Co, believes that the decline in Bitcoin and the crypto market in general is due to investors ’fear of a violent correction, which equity investors are also anticipating.
On Wall Street, after the S&P 500's record highs last Friday, the optimistic bullish mood has turned to caution 
After having been optimistic for several months, we are definitely more cautious at these levels.