Bitcoin falls and the cryptocurrency market collapses in half, in 70 days

The world’s largest cryptocurrency lost 8.8% to $33,058, its lowest since July 23, accumulating a 50% drop from the all-time high of $69,000 hit in November.

The US State Department has ordered relatives of its diplomats to leave Ukraine, in one of the clearest signs yet that US officials are preparing for an aggressive Russian move in the region.

Fears of conflict weighed on stocks around the world, but bolstered the dollar.

Nerves over the Federal Reserve’s two-day meeting starting Tuesday were added to the mix, as the central bank is expected to confirm that it will soon start draining the liquidity pool that has supercharged growth stocks.

Also, on Thursday, the Russian central bank proposed to ban the mining and trading of crypto assets, as they pose a threat to financial stability. Russia is the third country where more mining operations are carried out.

At the beginning of the year, it should be remembered, the political conflict in Kazakhstan accelerated the fall of bitcoin because it is one of the countries with the highest mining of this currency.

The market value of cryptocurrencies is halved

Smaller cryptocurrencies, which typically move in parallel with bitcoin, also declined. The second largest digital currency, ether (ethereum), fell 13% to $2,202, its lowest since July 27. Binance Coin, the fourth largest token issued by the cryptocurrency exchange of the same name, was down 12%.

The drop in the market value of bitcoin, from its November highs, is equivalent to $600 billion, a loss that rises to $800 billion if added to ethereum. If you add the rest of the losses of all the other cryptocurrencies, a decline of more than a trillion dollars is reached.

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