Bitcoin plummets, cryptocurrencies lose $2 billion in liquidations

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Bitcoin value fell by 6.4% to $81,629 on Friday, Bloomberg reported, dropping from $126,000 valuations in October. Ether shed 7.6% to below $2,700, and XRP declined below $2.

In November, Bitcoin lost 23% of its value, and in October fell 30% from its record high.

Selling pressure has intensified, with CoinGlass reporting $2 billion crypto positions have been liquidated in the past 24 hours. This follows mass liquidations on 10 October that erased $1.5 trillion of combined market value of all cryptocurrencies.

Thursday saw $903 million in outflows for the digital asset.

The crash could indicate another crypto winter, with traders anxious to sell before the Federal Reserve decides to cut interest rates.