Bitcoin Creeps Under $19,000 Briefly

Bitcoin dropped 6.1 per cent to USD 18,866 at 1.30 AM on Friday, putting the biggest and best-known cryptocurrency down USD 1,226.41 from its previous close and down 60.9 per cent from the year's high of USD 48,234 on March 28.

Several big players in the cryptocurrency markets have had difficulties, and further declines could force other crypto investors to sell holdings to meet margin calls and cover losses.

Ether, the coin linked to the ethereum blockchain network, dropped 7.5 per cent to USD 1,016.08 on Thursday, losing USD 82.38 from its previous close.

Both digital assets have struggled since U.S. based lender Celsius Network this month said it would suspend withdrawals. Bitcoin and ether were further rattled by the apparent insolvency of crypto hedge fund Three Arrows Capital, which a person familiar with the matter told Reuters has entered liquidation. read more

Many of the industry's recent problems can be traced back to the spectacular collapse of so-called stablecoin TerraUSD in May, which saw the stablecoin lose almost all its value, along with its paired token.

(Reuters)