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In the last 24 hours, the cryptocurrency market has experienced a disastrous drop of 7.9%. Almost all major cryptocurrencies are affected by the overall decline of the cryptocurrency market. The important thing is that yesterday, the altcoin market plummeted from 1.49 trillion dollars to 1.38 trillion dollars.

The latest bearish trend in cryptocurrencies is considered a consequence of the collapse of the U.S. market and the strengthening of the U.S. dollar against major currencies. Yesterday, the S&P 500 fell from approximately 5,993.96 dollars to 5,909.02 dollars. However, experts believe that the bullish trend in the cryptocurrency market remains intact. Is now the time to buy Bitcoin on the dips?

What causes the correction of the cryptocurrency market?

On January 7, the S&P 500 plummeted 1.38% in one day. Some of the major U.S. stocks, Tesla and Nvidia, also showed similar trends on the same day. Tesla's shares fell from 406.15 dollars to 393.65 dollars and NVIDIA's dropped from 153.11 dollars to 140.14 dollars.