Bitcoin falls below $19,000, further shaking crypto markets

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Rep­re­sen­ta­tion of cryp­tocur­ren­cy bit­coin is seen in this illus­tra­tion tak­en Novem­ber 29, 2021. REUTERS/Dado Ruvic/File Photo

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June 30 (Reuters) — Bit­coin dropped 6.1% to $18,866.77 at 2004 GMT on Thurs­day, putting the biggest and best-known cryp­tocur­ren­cy down $1,226.41 from its pre­vi­ous close and down 60.9% from the year’s high of $48,234 on March 28.

Sev­er­al big play­ers in the cryp­tocur­ren­cy mar­kets have had dif­fi­cul­ties, and fur­ther declines could force oth­er cryp­to investors to sell hold­ings to meet mar­gin calls and cov­er losses.

Ether , the coin linked to the ethereum blockchain net­work, dropped 7.5% to $1,016.08 on Thurs­day, los­ing $82.38 from its pre­vi­ous close.

Both dig­i­tal assets have strug­gled since U.S. based lender Cel­sius Net­work this month said it would sus­pend with­drawals. Bit­coin and ether were fur­ther rat­tled by the appar­ent insol­ven­cy of cryp­to hedge fund Three Arrows Cap­i­tal, which a per­son famil­iar with the mat­ter told Reuters has entered liq­ui­da­tion. read more 

Many of the indus­try’s recent prob­lems can be traced back to the spec­tac­u­lar col­lapse of so-called sta­ble­coin Ter­raUSD in May, which saw the sta­ble­coin lose almost all its val­ue, along with its paired token. read more 

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Report­ing by Mrin­may Dey in Ben­galu­ru and Han­nah Lang in Wash­ing­ton; Edit­ing by David Gregorio

Our Stan­dards: The Thom­son Reuters Trust Principles.

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