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Bitcoin, ethereum plunge; crypto market cap losses nearly US$1 trillion

Bitcoin, ethereum plunge; crypto market cap losses nearly US$1 trillion

FILE PHOTO: A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken March 15, 2021. REUTERS/Dado Ruvic/Illustration

NEW YORK: Bitcoin and ethereum posted their largest one-day drop since March last year on Wednesday, with losses in the market capitalization for the entire cryptocurrency sector approaching US$1 trillion.

The sharp declines came after China banned financial and payment institutions from providing cryptocurrency services.

Bitcoin dropped to US$30,066, the lowest since late January. It was last down 22per cent at US$33,502. The most popular cryptocurrency posted its largest one-day loss since March 2020.

Ethereum fell to as low as US$1,850, its weakest level since late January as well. It was last down 28per cent at US$2,439. Ethereum's one-day losses were the biggest since March last year.

(Reporting by Gertrude Chavez-Dreyfuss)

Source: Reuters

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