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The price of one Bitcoin fell more than 5% Wednesday and was trading around $59,000, 12% below its record high only one week ago.
Similar steep drop for any other financial, like a stock or bond within such a short time would mean a market correction. For bitcoin, it is just business as usual. Crypto investors have eventually come to accept that Bitcoin is volatile.
The total number of bitcoins now in circulation have a market value of $1.1 trillion. That’s nearly half of the size of the entire crypto market, which is valued at $2.47 trillion.
