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Bitcoin Price Falls by 55%

Bitcoin fell below $30,000 late Monday, breaching a symbolic price level before recovering slightly early Tuesday.

The world's most popular cryptocurrency fell by more than 12% in a single day.

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It was down more than 56% from its all-time high in November of around $69,000.

According to Coin Metrics data:

It later recovered and was trading at $31,836.24 at 3:45 a.m. ET on Tuesday.

The last time bitcoin fell below $30,000 was in July 2021, when it fell as low as $29,839.80.

The drop is most likely due to concern about the Federal Reserve's determination to combat inflation.

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