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"Deprecate" is the appropriate term. For one thing, "depreciate" is seldom, if ever, used to indicate the reduction of an abstract value. (That's off the top of my head; correct me if I'm wrong there.)



At least over this side of the pond, depreciate is used to describe something losing it's value, most frequently in regards to car value, "depreciation" is something which causes grown men and women to cry!