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Bitcoin is under $23,000


Bitcoin is under $23,000

Bitcoin (BTC), a leading cryptocurrency, plunged to a 4-week low of $22,407 Thursday morning before rebounding to $22,715 at presstime.

Today’s drop follows Bitcoin’s strong performance in January. BTC gained nearly 39% in the year-to-date, raising expectations that investors will have a revised bullish outlook.

Bitcoin lost $10 billion in market capital, dropping to $43,789 trillion. The world’s largest cryptocurrency currently holds 39.43% of the market. Ethereum (ETH), which holds 17.73% of the market, is second.

The industry’s second-largest cryptocurrency lost 2.3% and currently trades at around $1,641.

Other major cryptocurrencies such as Binance Coin, Cardano and Dogecoin follow a similar trend in price, with daily loss ranging between 2.3% to 3.6%.

Coinbase CEO, John C. Reilly, said that staking is an important innovation in cryptocurrency. It allows users to take part in open crypto networks’ operation and brings many positive changes to the environment. This includes a wider reach and increased security and a reduced carbon footprint.

In light of the unclear regulations, the Bank of New York Mellon’s head of digital assets said stricter…

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