In the cryptocurrency market, Bitcoin has experienced a 16.5% drop since its all-time high in January, causing a ripple effect on other cryptocurrencies. However, it is noted that this correction is not as severe as previous ones, providing some hope for a rebound. Historically, bull markets have ended with larger corrections ranging from 20% to over 40%. Despite this correction, Bitcoin has still performed well compared to its performance during the 2016 US election. On the other hand, Ethereum and other altcoins have experienced significant declines, with ETH dropping 34% in the past week. Leveraged longs worth nearly $1.9 billion have been wiped out in the past 24 hours, with estimates suggesting the total amount could be as high as $10 billion.



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