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Bitcoin has experienced a sharp decline for the fourth consecutive trading session, losing over $6,500 in the past 24 hours. This marks an 11 percent drop from $60,182 to $53,600 on Friday.

At 2 PM today, the leading cryptocurrency was down by 8.1 percent, hitting its lowest level since February 2024 and trading around $54,300. By 5 PM, Bitcoin had recovered slightly, trading at $55,335, but still down 4.28 percent from Thursday. This puts Bitcoin roughly 25 percent below its record high in March 2024. Initial excitement over US exchange-traded funds (ETFs) investing directly in Bitcoin has shifted to concerns over prolonged high interest rates and political uncertainties.

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Bitcoin reached an all-time high of $73,798 in March, fueled by strong demand for the first US ETFs linked to the cryptocurrency. However, inflows have since slowed, pulling Bitcoin and the broader digital asset market down. The approval of US ETFs for Ethereum, the second-largest cryptocurrency, is pending, but interest may wane if the sell-off continues.

According to data from Coinglass, over $800 million in bullish crypto positions have been liquidated in the past three days, marking one of the most significant liquidations since April 2024.

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