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The Crypto Crash: What Caused It and What Happens Now?Bitcoin's value fell by more than half its value since its November peak, which caused the entire cryptocurrency market to collapse. It is uncertainty over the future of bitcoin which caused prices to crash in In June , it plummeted below $18, It was still below $20, by. Crypto Crash May Have Started with Derivatives Crypto sank into the red on Thursday morning as derivatives traders began liquidating hundreds.