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Bitcoin fell as a result of mass panic sales and tested the price limit of $33,000
The largest collapse was on Friday, which marked a three-day decline. According to Coinglass, an information platform for trading cryptocurrency futures, more than 230,000 traders have closed their positions in the last 24 hours, the total amount of liquidation amounted to $866 million.
Other cryptocurrencies also began to fall sharply, as investors began to short during an unstable week in global markets. While Solana and Cardano also fell, Ether lost almost 50 percent and rolled back to $2,200.
Bitcoin is going through tough times, and prices have fallen by more than 40 percent from their peak in early November. Digital assets have been particularly affected in recent days due to concerns about broader technology sales, increased regulatory threats and tightening of US monetary policy.
Regulators in the UK, Spain and Singapore this week proposed to tighten the rules for stimulating cryptocurrencies for inexperienced investors, while the Central Bank of Russia on Thursday proposed to completely ban cryptocurrencies.
"Rumors about Russian mining bans, the effects of mitigation programs, and ongoing regulatory issues in some jurisdictions currently carry more weight in trade and investment decisions than on long-term fundamentals," said Jason Dean, an analyst at digital asset research firm Quantum Economics.
"At the same time, the wider use and adoption of bitcoin in countries with high inflation creates a confusing market picture, which in any case leads to a decisive lack of direction and momentum," he added.
Dean predicted "erratic, aimless trading" in the short term, and further weakness may not be coming yet.
A technical model based on the momentum indicator, known as the weekly relative strength index, hinted at the possibility that bitcoin's fall could be caused by a respite. The indicator fell on Friday in the region, which in the past was accompanied by a drop in bitcoin sales.
"Bitcoin and the alt market are still subject to market panic and are under attack," Fundstrat digital asset research strategists Sean Farrell and Will McAvoy wrote in a note.
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