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The cryptocurrency has fallen in price for seven consecutive days over the last week – the longest losing streak since 2018. The plunge comes just two months after bitcoin hit an all-time high of $68,000. Bitcoin is now trading at just above $41,000 but experts fear falling below $40,000 could trigger a steep sell-off. A similar price collapse was seen last year when China announced a ban on Bitcoin miners, but the price eventually recovered rocketing to new record-highs.
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Bitcoin tumbles to $40,902.25
Bitcoin has tumbled to a trading value of $40,902.25.
The fall comes just two months after bitcoin hit an all-time high above $68,000.
It is typical for all-time price highs to be followed by a significant price correction, but the severity of the recent drop could signal the end of the 2020/21 bullrun.
Bitcoin prices tumble after US Fed remarks
Bitcoin prices have tumbled to the lowest level in months following remarks made by the US Federal Reserve.
Minutes from a meeting of the Federal Reserve suggested America’s central bank may raise interest rates sooner than anticipated.
That could have led to a knock-on effect for traditional investors who hold Bitcoin, as they pursue less risky assets instead.
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