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Cryptocurrency Market Cap drops sharply. Bitcoin is dead?

The collapse of this year's cryptocurrency market will be remembered throughout life by the entire community, especially the current week. The price of bitcoin has fallen to $ 4,000, the worst fall in the year.

The fall of the market drops

The market capitalization of cryptocurrencies has decreased by about $ 700 billion this year. Speaking of the current week after major coins fell up to 70% in a few days, analysts predict that the bitcoin could fall to $ 3000 at the end of this month if the major support of $ 4000 is broken and could even go up to $ 2500 Not only bitcoins, but all the main altcoins including XRP, Ethereum and Litecoin, are all experiencing a sharp decline in prices. The market capitalization of cryptocurrencies was around $ 830 in January of this year and is now only around $ 140.

Share Market is on the same boat:

Equity markets are experiencing an even worse scenario with over 1.3 trillion dollars lost only this week. The main global stocks have collapsed including industry giants such as Apple, Goldman Sachs and General Electric.

Bitcoin Hash Wars: mining to huge losses

Both sides of the bitcoin cash hard fork are digging to magnificent losses according to Bitmex, a cryptocurrency derivatives platform that revealed the same in a tweet:

Both teams – ABC Bitcoin led by Roger Ver and Bitcoin SV, led by Craig Wright AKA "Faketoshi", are said to be mining with huge losses of about $ 278,000 and $ 439,221 per day respectively, and are likely to be met by a large amount of BTC sellings. A third team that is considered "neutral", known as Bitcoin Unlimited, is led by Andrew Clifford. The hash wars are considered one of the main reasons for the beginning of the collapse of the cryptocurrency market.

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