At 2004 GMT on Thursday, Bitcoin was down 6.1 percent to $18,866.77, down $1,226.41 from its previous close and down 60.9 percent from the year’s high of $48,234 on March 28. The largest and most well-known cryptocurrency is Bitcoin.
The cryptocurrency markets have seen difficulties from a number of major players, and further declines may force other investors to sell holdings to meet margin calls and cover losses.
The price of Ether, the cryptocurrency connect to the Ethereum blockchain, fell by $82.38 on Thursday to close at $1,016.08.
Since US-based lender Celsius Network announced this month that it would 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 has entered liquidation, further shook bitcoin and ether.
The spectacular collapse of the so-called stablecoin TerraUSD in May, which resulted in the stablecoin and its paired token losing nearly all of their value, can be blamed for many of the industry’s recent issues.
