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Bitcoin dropped to $46K, causing the crypto market cap to plummet by $250 billion in three days

Bitcoin’s downward price trend continues, with a plunge to a ten-day low of $46,000 just a few hours ago. The bitcoin market value has dropped by $250 billion in three days, putting most altcoins on a similar path.

The principal cryptocurrency was riding high just three days earlier, on December 27th, when it hit a near one-month high of $52,000. In the digital asset market, though, a lot may happen in 72 hours.

Following this local high, bitcoin began to rapidly lose value. It sank to $49,000 in hours on Tuesday, as stated, before dropping to $48,000 yesterday.

The problem has only gotten worse in the last 24 hours, as BTC has plummeted to $46,000, its lowest price in ten days. Bitcoin is currently trading approximately $1,000 higher, although it is still down nearly 2% on the day and has a market capitalization of less than $900 billion.

Altcoins have also had their ups and downs. Earlier this week, Ethereum, for example, traded above $4,100. However, after losing the coveted $4,000 level on Tuesday, the second-largest cryptocurrency is now around $3,700.

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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.