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Bitcoin cracks $10,000 in an hour as crypto sell-off intensifies
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economictimes.indiatimes.comequities to cryptocurrencies. Bitcoin became the latest to fall victim to intense bout of selling pressure as the cryptocurrency fell by as much as $10,000 in an hour to close $42,000 earlier on Saturday. The cryptocurrency has since recovered some of its losses and was last down more than 16 per cent at $47,693.75. Ethereum, the second largest cryptocurrency by market capitalization, also saw a similar sell-off as it fell nearly 15 per cent to $3,905. The crash has been triggered by a risk-off sentiment that has swept global markets in the wake of the emergence of the new COVID-19 variant and the sudden pivot towards hawkishness by the US Federal Reserve Chairman Jerome Powell.
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