Bitcoin fell sharply below $68,000, marking a 45% drop from October highs due to forced deleveraging, ETF outflows, and fading demand. Despite short-term volatility, JPMorgan views Bitcoin as an attractive long-term investment compared to gold, noting its trading below production cost and reduced volatility. The crypto sell-off coincides with rising US economic uncertainty, causing declines in crypto stocks and increasing market fragility.

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