The cryptocurrency market has halved in less than a month

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Bitcoin, Ethereum, and all other major cryptocurrencies are taking a pummeling today. BTC is at $8,234, down 16.3 percent in the last 24 hours, and Ethereum is at $858, down a whopping 23 percent in the same time period, according to CoinMarketCap. 

Overall, the total market cap of all cryptocurrencies combined is currently $389 billion, roughly 53 percent down from its Jan. 7 high of $835 billion. 

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