(Reuters) – Bitcoin fell by 6.1 percent to $18,866.77 at 2004 GMT on Thursday. This was the biggest and most well-known cryptocurrency’s biggest drop since its last close. It was also down 60.9 percent from March 28, when it hit its all-time high of $48,234.
Several big players in the cryptocurrency markets have had trouble, and more losses could force other crypto investors to sell their holdings to meet margin calls and cover losses.
Ether, the coin linked to the blockchain network of ethereum, fell by 7.5% on Thursday to $1,016.08, or $82.38 less than its previous close.
Since the U.S.-based lender Celsius Network said it would stop withdrawals this month, both digital assets have had a hard time. A person who knows about the situation told Reuters that the crypto hedge fund Three Arrows Capital has gone into liquidation and appears to be bankrupt. This sent more shock waves through bitcoin and ether.
Many of the recent problems in the industry can be traced back to the spectacular collapse of the so-called stablecoin TerraUSD in May. The stablecoin and its paired token almost lost all of their value at that time.
