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The world’s largest cryptocurrency subsequently slashed its losses, changing hands to around $ 47,133. Still, bitcoin has fallen more than 16% in the past 24 hours, according to Coindesk.
The price of ether also plunged, falling more than 10% to a low of nearly $ 3,500. It returned a bit later, trading at close to $ 3,870.
Ether, the world’s second largest digital coin by market value, has lost more than 14% in the past 24 hours, according to Coindesk.
Bitcoin is now down about 30% from an all-time high of nearly $ 69,000, which it reached in early November. Bear markets are generally defined as a drop of 20% or more from recent highs.