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Bitcoin falls 5.84% to $43,418

FILE PHOTO: A collection of bitcoin (virtual currency) tokens are displayed in this picture illustration taken Dec. 8, 2017. REUTERS/Benoit Tessier/Illustration/File Photo

(Reuters) - Bitcoin dropped 5.84% to $43,418.02 on Sunday, losing $2,691.96 from its previous close.

Bitcoin, the world’s biggest and best-known cryptocurrency, has fallen 25.6% from the year’s high of $58,354.14 on Feb. 21.

Bitcoin’s price soared this year as major firms including BNY Mellon, asset manager BlackRock Inc, and credit card giant Mastercard Inc backed cryptocurrencies, while others such as Tesla Inc Square Inc and MicroStrategy Inc invested in bitcoin.

Ether, the coin linked to the ethereum blockchain network, dipped 9.59% to $1,319.12 on Sunday, losing $139.91 from its previous close.

Reporting by Sabahatjahan Contractor in Bengaluru; Editing by Daniel Wallis

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