FILE PHOTO: A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken November 19, 2020. REUTERS/Dado Ruvic/Illustration/File photo
The second-largest cryptocurrency, ethereum, dropped around 13% and XRP, the third-biggest, slid over 20%. Both coins, which tend to move in tandem with bitcoin, hit multi-year highs earlier this week. Traders cited for the drop the unwinding of highly leveraged positions built up as bitcoin approached its record, as well as tweets by the CEO of major cryptocurrency exchange Coinbase expressing concern at rumours of a regulatory crackdown.
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