Cryptocurrencies
Bitcoin Has Lost Half Its Value Since Hitting Record High
- More than $600 billion in market value has been wiped out
- Latest decline comes as White House weighs crypto measures
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Bitcoin extended its decline on Saturday, and has shed more than 50% from its record high in November while adding further momentum to the meltdown in cryptocurrencies.
“Margin positions being liquidated caused a wave of additional sell pressure, as assets that had been held as collateral were forcibly sold to pay for margin loans,” said Hayden Hughes, chief executive officer at Alpha Impact in Singapore.