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Crypto Market Declines: Over $180 Billion Wiped Out In A Day

The cryptocurrency market faced a significant downturn as Bitcoin retreated further from the highly anticipated $100,000 milestone. Investor profit-taking following a post-election rally triggered a sharp drop, erasing $182 billion from the market’s capitalization, which now stands at $3.35 trillion.

Key Developments

  • Bitcoin Drops: The price of Bitcoin declined 3.6% in the last 24 hours to just above $92,311, marking a 6.2% loss for the week.
  • Election Rally Reversed: The drop follows a rally spurred by the election of Republican Donald Trump, whose administration promised crypto-friendly policies. The optimism pushed Bitcoin close to $100,000, peaking at $99,000.
  • Altcoins Follow Suit: Other major cryptocurrencies also saw declines. Ether, the second-largest token, fell 4.2% to $3,346, while Solana’s Sol token dropped 8.9% to $231.88.

Broader Context

Bitcoin has surged 122% year-to-date, buoyed by favourable macroeconomic factors. The SEC’s approval of spot Bitcoin ETFs in January and the cryptocurrency’s halving event in April have been major catalysts. Central banks’ interest rate cuts and increased market liquidity have also provided a supportive backdrop for digital assets.

Looking Ahead

Despite the current slump, market analysts remain optimistic about Bitcoin’s long-term potential. Many believe the cryptocurrency still has room to rise, with the $100,000 benchmark viewed as an achievable milestone.

As the crypto market adjusts, investor sentiment will likely hinge on regulatory developments and macroeconomic trends in the coming months.

Call for Reform: Cyprus Faces New Challenges with Emerging Tobacco Products

In the face of a burgeoning variety of tobacco products, existing smoking laws in Cyprus are struggling to keep pace, as highlighted by Christos Minas, the president of the Cyprus National Addictions Authority (AAEK). On World No-Tobacco Day, there was a push for legislative reforms to comprehensively cover all tobacco forms, including non-nicotine alternatives.

Addressing Rising Trends with Effective Policies

Minas emphasized the surge in popularity of e-cigarettes and flavored products, particularly among the youth. The proposed legal updates aim to enhance enforcement efficiency against these emerging trends.

In collaboration with the World Health Organization’s (WHO) framework, the AAEK has established the first set of national guidelines for smoking cessation in Cyprus, crafting prevention and treatment strategies based on robust scientific evidence.

Educating Youth and Public Awareness Initiatives

Efforts are underway to raise awareness, with informative materials distributed to secondary schools across Cyprus. A public event in Nicosia highlighted the state’s ongoing commitment, providing carbon monoxide testing and expert advice on new tobacco products.

Recent data from the Cyprus general population survey 2023 indicates that 38% of smokers have used e-cigarettes recently, and the smoking initiation age remains at 18.

A Glimpse into Youth Smoking Patterns

According to the latest European school survey, 14% of Cypriot students aged 15-16 reported smoking traditional cigarettes last month. Although this rate is declining, Cyprus still ranks high in Europe for e-cigarette and hookah use among students.

The concern is global, with WHO reports showing over 37 million children aged 13-15 engage in tobacco use, driven by aggressive marketing in loosely regulated environments.

The urgency for reform is clear: before these trends solidify, proactive measures are necessary to protect future generations from potentially hazardous habits.

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