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Crypto Plunge Wipes Off $680 Billion in 2022 as BTC Plummets Below $34,000

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Considering the recent bearish outlook in the crypto market, the price of Bitcoin (BTC) and other cryptos has plunged significantly in value since the start of the year.

Source: Finbold

BTC USD down -7.78%, ETH USD down -13.64%

The global crypto market has suffered from $683 billion being eroded from the market capitalization in over three weeks, with value dropping from $2.208 trillion on Jan. 1 to $1.525 trillion as of Jan. 24.

The crypto market has dropped 7.42% over the last 24 hours, as the overall crypto market volume has fallen by 11.71% in the previous 24 hours to $94.83 billion.

DeFi is currently valued at $13.83 billion or 14.58% of the overall cryptocurrency market’s 24-hour volume, as stablecoins are valued at $77.56 billion or 81.80%.

Bitcoin still remains a 41.55% dominance of the overall crypto market, accounting for an increase of 0.75% over the day.

The flagship digital currency is currently trading at $33,773, 5.54% lower on the day, and 21.07% in the last week, with an overall market value of $639.6 billion.

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