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Bitcoin, XRP, and other cryptocurrencies were under pressure Wednesday as traders assessed another sharp pullback.
But this slump may be different and significant—it appears to be a reaction to U.S. economic data.
Bitcoin was trading just above $95,000 early Wednesday, falling from close to $102,000 just 24 hours earlier, according to CoinDesk data. The world’s largest crypto fell 5.7% Tuesday, its largest drop since Dec.18, according to Dow Jones Market Data.