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The market capitalization for cryptocurrencies fell by some 12% in the last 24 hours to nearly $970 billion on Monday morning, data from CoinMarketCap shows.

Bitcoin is experiencing a market cascade that has seen prices drop down to below $42,000. Bitcoin derivatives liquidations have been massive in the past few days. According to data from Coinglass, more than $500 million worth of Bitcoin liquidations has occurred in the last 3 days.