Bitcoin, the world's biggest and best-known cryptocurrency,
fell about 9 per cent to as low as $38,940.04, even slipping below a key
200-day moving average. It is now down 40 per cent from the year's high of
$64,895.22 on April 14.
Ether, the coin linked to the ethereum blockchain network,
dropped about 15 per cent to $2,875.36.
The declines in the two most traded cryptocurrencies were
sparked last week by Musk's reversal on Tesla taking bitcoin as payment,
followed by other tweets that caused confusion over whether the carmaker had
shed its holdings of the currency.
China's announcement on Tuesday that it is banning financial
institutions and payment companies from providing services related to
cryptocurrency transactions, coupled with a warning to investors against
speculative crypto trading, seemed to have exacerbated the selling.
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