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High sell-offs in the crypto market as Bitcoin loses more than 7% for the day

 The Crypto market is experiencing a bright red day as losses in Bitcoin and Ethereum have shocked the evolving financial assets.

From Friday to the time of writing, Bitcoin had a steep decline and was trading below $21.2K, down more than 7% on the day. As regards market capitalization, the biggest cryptocurrency by market value is down 14% for the week.

The downturn began during overnight trading, which also coincide with unusually high inflation statistics in the biggest economy in Europe.