At 2004 GMT on Thursday, Bitcoin was down 6.1 percent to $18,866.77, down $1,226.41 from its previous closing and down 60.9 percent from the year’s high of $48,234 on March 28. Bitcoin is the biggest and best-known cryptocurrency.
The cryptocurrency markets have seen challenges from a number of major participants, and further dips may compel other investors to sell holdings to make margin calls and pay losses.
The price of Ether, the cryptocurrency connected to the Ethereum blockchain network, fell by $82.38 on Thursday to settle at $1,016.08.
Since U.S.-based lender Celsius Network announced this month that it will stop accepting withdrawals, both digital assets have struggled. The apparent insolvency of cryptocurrency hedge fund Three Arrows Capital, which a person with knowledge of the situation told Reuters had entered liquidation, further roiled bitcoin and ether,