March 24, 2024

Why is the crypto market down?

The latest plunge follows a crypto crash at the start of December shortly after Bitcoin hit a record high of $69,000.

Of 100 cryptocurrencies listed on Coinmarketcap, the price of 97 fell.

Crypto markets were wiped by $1.5trillion after the December 4 crash, but the market has since recovered some of those losses.

One trader lost $5billion after the price of bitcoin plummeted, highlighting the risks of investing in crypto.

It was revealed recently that 90% of all bitcoins have been mined.

It comes as new research shows that 18.89million coins have been mined out of 21million, which is the maximum.

And in another recent blow to the market came as one of the biggest crypto exchanges, Binance, said it will close its trading platform in Singapore after clashing with regulators.

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