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Bitcoin Plunges Below $75,000 Amid Crypto Winter Chill
Bitcoin experienced a significant downturn, dropping below $75,000 on Sunday, marking a continuation of a downward trend since last autumn, according to Fortune. While the cryptocurrency showed a modest rally on Monday, climbing back toward $80,000 by mid-afternoon, it still represented a 37% dip from its record high in October, Binance reported.
The decline is attributed to several macroeconomic factors, according to one analyst cited by Fortune. These factors include disappointing earnings reports from tech companies, declines in the value of gold and silver, and the nomination of Kevin Warsh as Federal Reserve chair. The analyst stated that Bitcoin's breakdown stemmed from "a confluence of three factors that took markets days to digest: disappointing Magnificent Seven earnings that cracked the AI narrative."
The crypto downturn coincides with other notable sales and events occurring in February. Tech enthusiasts can find deals on Apple Watches, with the Series 11 and SE 3 receiving the biggest discounts, according to The Verge. Savings of up to 25% are available on the higher-end Apple Watch Ultra 3. The Apple Watch SE 3, described by The Verge as "our go to pick for most people," is on sale starting at $219, a $30 discount, for a limited time.
February is also a month for literary pursuits, with Time Magazine highlighting "The Best New Books to Read in February." Among the recommendations is "The End of Romance" by Lily Meyer, described as a "dark valentine of a novel."
Meanwhile, in other news, oceanic whitetip sharks are rapidly disappearing due to illegal fin trading, according to Time. DNA testing in Hong Kong, the world's largest shark fin market, revealed the species appearing 70 times more often than government reports indicated. Traders trafficked fins from over 36,000 illegally caught oceanic whitetip sharks in just three years.
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