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As Bitcoin drops to a 17-day low, the cryptocurrency market cap falls below $2 trillion

Bitcoin’s recent declines have persisted in the last 24 hours, with the commodity dropping to about $42,000, a 17-day low. The majority of altcoins are also in the red, with the largest losses coming from Terra, Solana, Avalanche, Cardano, and Dogecoin.

Bitcoin was tested at $42,000.

Bitcoin was trying to recapture $47,000 just a few days ago, and it surged beyond that level twice in a 48-hour period. The bears, on the other hand, emerged from concealment and refused to allow any additional expansions.

Both attempts were quickly rebuffed, but the second was met with a more vehement rebuke.

BTC initially dropped to $45,000 before dropping even more to $43,000, as reported yesterday.

It bounced off that line and soared to $44,000, but that was a false breakout, and bitcoin plummeted once more. This resulted in a dip to slightly over $42,000 just a few hours ago, the lowest price point for BTC since March 23.

The cryptocurrency is currently trading a few hundred dollars above that threshold, but its market capitalisation has dropped to $800 billion.

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