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Bitcoin, the world’s biggest and best-known cryptocurrency, has fallen 26 per cent from the year’s high of US$58,354.14 on Feb. 21.BENOIT TESSIER/Reuters

Bitcoin dropped 6.39 per cent to US$43,165.78 on Sunday, losing US$2,944.20 from its previous close.

Bitcoin, the world’s biggest and best-known cryptocurrency, has fallen 26 per cent from the year’s high of US$58,354.14 on Feb. 21 when it soared amid increasing confidence that it will become a mainstream investment and payments vehicle.

Major firms such as BNY Mellon, asset manager BlackRock Inc and credit card giant Mastercard Inc have backed cryptocurrencies. Tesla Inc, Square Inc and MicroStrategy Inc have invested in bitcoin.

Ether , the coin linked to the ethereum blockchain network, dropped 8.88 per cent to US$1,329.46 on Sunday, losing US$129.57 from its previous close.

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