Bitcoin falls below $60,000 in a $400 billion crypto price crash, while Ethereum, BNB, Solana, Cardano, and XRP also plummet

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Bitcoin and cryptocurrency values have plummeted in the previous 24 hours, with the bitcoin price plummeting below $60,000.

Other prominent cryptocurrencies have also suffered losses, with ethereum, Binance’s BNB, solana, cardano, and Ripple’s XRP all losing between 7% and 10% of their value.

The unexpected crypto price drop has depleted the total crypto market by roughly $400 billion, after it reached a record high of around $3 trillion last week.

The dramatic drop in cryptocurrency prices follows bitcoin’s first big update in four years over the weekend. In the run-up to the long-awaited update, the bitcoin price has risen, coming within striking reach of $70,000 per bitcoin for the first time last week.

Last week, Ethereum, the second most popular cryptocurrency behind bitcoin, reached an all-time high of over $5,000 per ether. The price of ethereum has now decreased to roughly $4,100.

Most major cryptocurrencies, including Bitcoin, Ethereum, and others, have risen this year, with several seeing triple-digit percentage gains. Since the beginning of 2021, the price of bitcoin has doubled, while the price of ethereum has increased by nearly 400%.

However, the current crypto price drop hasn’t deterred some investors, who believe bitcoin, ethereum, and other cryptocurrencies will continue to rise through the end of the year.

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