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Bitcoin falls below $39,700; Ethereum, BNB shed over 5%

Cryptocurrency markets were trading lower on Wednesday, dragged by Bitcoin, Ethereum, and BNB. Bitcoin, the world's largest crypto token, fell below $39,700 for the first time since the launch of 11 spot Bitcoin exchange-traded fund (ETF) on January 11. In today’s trade, the global cryptocurrency market cap dropped 1.9% to around $1.55 trillion in the last 24 hours. Other altcoins, like BNB and Polygon, fell over 5% each. Litecoin, Chainlink, Tron, Dogecoin, and Cardano dropped 2-4%. The total volume in DeFi is currently $5.96 billion, 8.04% of the total crypto market 24-hour volume. The volume of all stablecoins is now $67.7 billion, which is 91.31% of the total crypto market 24-hour volume.

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