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Bitcoin drops 5 percent to one-week low, briefly below $7,700

Jewelry with the Bitcoin logo is seen on display at the Consensus 2018 blockchain technology conference in New York City, New York, U.S., May 16, 2018. REUTERS/Mike Segar

NEW YORK (Reuters) - Bitcoin fell 5 percent on Tuesday, briefly going to a one-week low below $7,700 as investors further scaled back their holdings of digital currencies.

At 10:19 a.m. (1419 GMT), the world's biggest and best-known virtual currency BTC=BTSP was down 5 percent at $7,755.84 on the Luxembourg-based Bitstamp exchange.

Reporting by Richard Leong; Editing by David Gregorio

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