Bitcoin drops 5.84% to $ 43,418

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FILE PHOTO: A collection of bitcoin (virtual currency) tokens is shown in this photo taken on December 8, 2017. REUTERS / Benoit Tessier / Illustration / File Photo

(Reuters) – Bitcoin fell 5.84% to $ 43,418.02 on Sunday, losing $ 2,691.96 from its previous close.

Bitcoin, the world’s largest and best-known cryptocurrency, fell 25.6% from a year’s high of $ 58,354.14 on February 21.

The price of Bitcoin has skyrocketed this year as big companies such as BNY Mellon, asset manager BlackRock Inc and credit card giant Mastercard Inc backed cryptocurrencies, while others like Tesla Inc Square Inc and MicroStrategy Inc were investing in bitcoin.

Ether, the coin linked to the Ethereum blockchain network, plunged 9.59% to $ 1,319.12 on Sunday, losing $ 139.91 from its previous close.

Reporting by Sabahatjahan Contractor in Bengaluru; Editing by Daniel Wallis

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