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Bitcoin's price falls below $36K, BTC's dominance grows, and Billions of Dollars Leave the Crypto Economy.

Bitcoin's price hit a new low this year, reaching $34K per unit shortly after 5 a.m. (EST) on Saturday morning. Bitcoin is presently down over 48% from its all-time high (ATH), which it attained two months ago on November 10, 2021, when it surpassed the $69K mark. Bitcoin has dropped 17 percent of its value in the last week alone, and many traders and investors are wondering when the carnage will stop.

The Crypto Economy Drops to $1.75 Trillion as the Digital Currency Market Carnage Continues

This week has been a bloodbath in the cryptocurrency industry, as bitcoin's (BTC) price has dragged every other coin down with it. In the previous 24 hours, the entire crypto-economy has lost 11% of its value. BTC has been on a downward trend since its all-time high, and since December 27, 2021, when BTC was selling for $52K, it has lost about 32% of its value versus the US dollar.

BTC's value fell to $34,000 per unit shortly after 5 a.m. (EST) on Saturday morning, its lowest point of the year so far. The 24-hour range of the leading crypto asset has been between $39,177 and $34,000 per BTC. While the value of BTC has declined dramatically in the last 48 hours, from $43,400 to $35.5K to $36K per unit, BTC dominance has grown significantly.

BTC's market domination is 39.5 percent at the time of writing, which is 5.33 percent greater than it was on January 6, 2022. Ethereum's dominance, on the other hand, has decreased to 17%, with a slew of other crypto assets losing significant market share. Polokadot (DOT) lost the most out of the top ten crypto assets this week, shedding 32.1 percent.

In addition, solana (SOL) has lost 30.5 percent in the last seven days, while ethereum (ETH) has lost 24.6 percent since last week. Over the previous seven days, BNB is down 23.9 percent, while xrp (XRP) and terra (LUNA) are both down 21.2 percent. This week, BTC and ADA suffered the smallest percentage losses, with ADA losing 12.4 percent and BTC losing 16.8 percent.

The crypto economy has lost a lot of value in the last week, and many people are talking about it on social media. On Twitter, hashtags like #cryptocrash and #bitcoincrash are trending with comments about Michael Saylor and Microstrategy's bitcoin stockpile, according to vertical trends. People have speculated on whether Saylor and Microstrategy will sell their bitcoin holdings, and whether Tesla will keep its bitcoin long term.

Meanwhile, most crypto fans on Reddit forums and social media platforms such as Twitter are unsure when the chaos will end. While some crypto bulls believe the bear market is almost finished and fresh highs are on the way, others fear BTC might fall significantly lower, below the $20K barrier.

Colin Talks Crypto, a popular YouTuber, recently tweeted that he feels the bull market is far from done. The crypto Youtuber wrote, "Bitcoin's price has dropped dramatically." "Many people are terrified and panicked. This is very understandable. Extend your view. We're still up from the $29K low in July 2021. The bull run isn't ended for me until the bitcoin price falls below $29,000 (and not just for a time)."

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