Bitcoin Collapses to $5,000
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Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $5,097.46 (-32.69%), according to CoinMarketCap.

Chart of the USD/BTC trading pair from EXANTE

For its part, Ethereum has fallen to $122.32 (-31.31%), while XRP has dropped by 25.86% and is now trading at $0.143.

FxPro's team of analysts say:

"Bitcoin has lost a 33% of its value this morning. The performance of the crypto market over the last 24 hours no longer allows us to talk about Bitcoin as a protective asset, a safe haven, a digital gold or a tool to diversify portfolios during turbulent periods in markets.

However, the current $5,000 is already a rebound from $3,770, so it could be said that the situation has improved a little. Over the past 24 hours, Bitcoin has broken as many support levels as other altcoins. Most likely, yesterday will be remembered in the crypto market as the "Black Thursday". The most serious consequence for the crypto market may be the fact that investors might think cryptos have fallen too easily dragged down by traditional markets."

According to CoinMarketCap’s ranking, all currencies on the top 10 are posting losses.

As for the market cap of all currencies listed in CoinMarketCap, it stays at $246,583,948,279.

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