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CRYPTOCURRENCIES RESUME SELLOFF AS ONE-DAY RECOVERY FIZZLES

The biggest cryptocurrencies resumed their decline on Sunday, failing to reverse a selloff that began when bitcoin’s unprecedented rally fell short of breaking above $20,000.

A rebound on Saturday fizzled in the afternoon and traders turned pessimistic again, driving bitcoin down 13 percent in the past 24 hours. The drop among the 10 largest digital coins, ranging as much as 17 percent for IOTA, brings more end-of-year weakness to a market that just had its worst four-day tumble since 2015.

“The West is what’s causing this selloff,” said Mati Greenspan, senior market analyst at Tel Aviv-based online broker eToro, pointing to increased trading in dollars and less in yen. The recent cryptocurrency rally was so steep that investors were prone to take money off the table going into the Christmas holiday season, he said.

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