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Crypto Crash Erases More Than $1 Trillion in Market Value

  • Biden administration said to aim for crypto executive order
  • Bitcoin drops to below $36,000 for first time since July
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WATCH: The rollercoaster ride for crypto currencies continues. Su Keenan reports.Source: Bloomberg
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For Bitcoin, there’s only been one constant recently: decline after decline after decline. And the superlatives have piled up really quickly.

With the Federal Reserve intending to withdraw stimulus from the market, riskier assets the world over have suffered. Bitcoin, the largest digital asset, lost more than 12% Friday and dropped below $36,000 to its lowest level since July. Since its peak in November, it has lost over 45% of its value. Other digital currencies have suffered just as much, if not more, with Ether and meme coins mired in similar drawdowns.