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Sheikh Qassem: Our supporters make up more than half of Lebanon's population, and all of these people are united under the banner of protecting Lebanon, its Resistance, its people, and its integrity.
Sheikh Qassem: There will be no phased handing in of our arms. [The Israelis] must first enact the agreement before we start talking about a defensive strategy.
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Bitcoin experiences 8% price drop after record high

  • By Al Mayadeen English
  • Source: Agencies
  • 15 Mar 2024 20:03
2 Min Read

This decline occurred after Bitcoin hit an all-time high of $73,777 on Thursday.

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  • Bitcoin is for sale at an Automated Teller Machine at the Westfield Garden State Plaza shopping mall in Paramus, New Jersey, on Monday, March 13, 2023. (AP Photo/Ted Shaffrey)
    Bitcoin is for sale at an Automated Teller Machine at the Westfield Garden State Plaza shopping mall in Paramus, New Jersey, on Monday, March 13, 2023. (AP Photo/Ted Shaffrey)

On Friday afternoon, the price of bitcoin took a significant dip, falling by 8% to just over $67,200. This decline comes after the cryptocurrency reached a peak of nearly $73,800 the day prior, according to trading data.

The largest drop in bitcoin's price was observed on Binance, the leading cryptocurrency exchange by trading volume. At approximately 09:40 GMT, bitcoin recorded an 8.15% decrease to $67,228, before rebounding to $68,200 by 13:40 GMT.

Data from CoinMarketCap, a platform that calculates the average price across more than 20 exchanges, indicated that bitcoin was trading at $66,076 as of 09:15 GMT.

Thursday witnessed bitcoin hitting an all-time high of $73,777, surpassing the previous record of $69,000 set in November 2021.

Related News

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Hackers steal $1.5bln from crypto exchange in 'digital heist'

Since the beginning of March, bitcoin's price has seen a cumulative increase of 9%, following a remarkable surge of over 40% in February. This surge propelled bitcoin's value from $42,600 at the end of January to over $61,000.

Read more: Bitcoin crosses $50,000 mark, records two-year high

Bitcoin to exceed $100,000 per token

A report by CNBC in December 2023 cited industry analysts who stated that Bitcoin is anticipated to keep surging in 2024, to possibly all-time highs of over $100,000 per token.

Compared to the trading figure of $16,500 at the start of 2023, Bitcoin has rallied over 160% and traded at over $44,200 at the end of 2023.

CEO of Ledger, Pascal Gauthier, was quoted by CNBC saying, "It feels that [2023] was a year to get ready for the bull run that is yet to come. But the sentiment is very hopeful for [2024] and 25". 

In November 2021, Bitcoin hit a record high of almost $69,000, but nearly $1.4 trillion was erased from the market last year due to sector bankruptcies which came after the collapse of FTX, the world’s second-largest crypto exchange at the time. 

  • Digital currencies
  • Bitcoin
  • Cryptomarkets
  • Ethereum
  • Cryptocurrency

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