BITCOIN fell 13% on Sunday after the world’s biggest and best-known cryptocurrency suffered another sell-off that left it down nearly 50% from the year’s high.

It fell to US$32,601 at 1800 GMT, losing US$4,899.54 from its previous close. It hit a high for the year of US$64,895.22 on April 14, 2021.

Ether, the coin linked to the Ethereum blockchain network, dropped 17% to US$1,905 on Sunday, losing US$391.31 from its previous close.

Bitcoin markets operate 24/7, setting the stage for price swings at unpredictable hours.

Bitcoin had been under pressure after a series of tweets last week by billionaire Tesla (TSLA.O) Chief Executive and cryptocurrency backer Elon Musk, chiefly his reversal on Tesla accepting bitcoin as payment.

In addition, on Friday, China cracked down on mining and trading of the largest cryptocurrency as part of ongoing efforts to prevent speculative and financial risks.…/bitcoin-has-fallen-more…/…

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