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CryptoWatch: 5 key reasons bitcoin, other cryptocurrencies have lost a stunning $365 billion in 10 days

The No. 1 digital currency and its cohort continued to unravel Wednesday, extending a downturn that has seen the entire sector cough up a whopping $365 billion since Jan. 7, or more than 40% of their total value.

Source: CoinMarketCap.com

For its part, bitcoin BTCUSD, -4.56% has shed almost half its value since a single bitcoin traded at an all-time high just below $20,000 in late December.

What’s dragging down a sector that had enjoyed stratospheric gains (bitcoin alone is up about 1,100% since last January) even compared against the Dow Jones Industrial Average DJIA, -0.04% the S&P 500 index SPX, -0.35% and the Nasdaq Composite Index COMP, -0.51% which boasts returns between 22% and 30% over the past 12 months?

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