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On Tuesday morning, the price of bitcoin rose as investors took advantage of the coin's drop.
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There were only 25,390 wallets with more than $1 million in Bitcoin as of June 29, 2022. This represents a 72 percent drop in just six months.
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Bitcoin is up 5% today, as the July 4th daily candle is about to close. During the holiday season, market optimism increased, and Celsius FUD faded.
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The largest bitcoin in the ongoing sell-off has lost over 35% of its value in the last month.
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Bitcoin has broken below its previous cycle's high for the first time in its history. The previous cycle's high was US$19,783 in December 2017, and the price dropped as low as US$17,708 on June 19th.
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Market analysts predict that the dollar surge will either stagnate or reverse by the end of 2022, favoring Bitcoin
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Bitcoin's price briefly fell below $20,000, and traders warn that the crucial support level may eventually crumble after a series of retests.
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Authorities in Beijing are skeptical of cryptocurrency, with state media predicting that bitcoin will become worthless as China prepares to launch its own coin.
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In 2022, the leading cryptocurrency continues to fall faster than traditional assets due to poor economic conditions.
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Bitcoin is frequently referred to as a virtual currency, serving as an alternative to many more central bank-based traditional currencies. Fiat money, on the other hand, is valuable because it is issued by government-backed institutions such as the central bank.