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Bitcoin endures sixth major correction since FTX collapse, dropping nearly 20%

Bitcoin endures sixth major correction since FTX collapse, dropping nearly 20%
Bitcoin's latest correction highlights cyclic market health adjustments.

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Bitcoin has recently experienced its sixth major correction, dropping nearly 20% since the collapse of FTX in November 2022. These corrections are common in bull markets and are necessary for maintaining market health. The first notable correction in this cycle occurred during the Silicon Valley Bank (SVB) collapse in March 2023, with subsequent corrections happening in April and May 2023, July and August 2023, January 2024, and March to May 2024. The most recent correction, nearly 19%, started on June 7, 2024, with Bitcoin declining from roughly $72,000 to below $59,000. While concerning for some investors, these corrections are a natural part of Bitcoin’s market cycles.

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